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Montreal House Price Index August 2017

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The Teranet-National Bank House Price Index™ released its August report today. The index is an independent representation of the change in average home prices over time  in Canada’s eleven metropolitan areas: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montréal, Québec City, and Halifax. All indices started at a base value of 100 in June 2005. So, for example, an index value of 130 means that average home prices have increased by 30% since June of 2005. Montreal House Price Index August 2017
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On a year to year basis, the composite index rose by 13.1%, a slightly smaller figure than the record y/y gains in June and July (14.2%). August’s increase was led by Toronto (23.9%), Hamilton (23.4%) and Victoria (16.0%), Vancouver (9.3%), OttawaGatineau (+4.2%), and Montreal (+4.0%), and Quebec City (+2.7%). Calgary, Winnipeg, Edmonton and Halifax all fell under 2%.
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According to Teranet’s analysts, price declines cannot be ruled out in the coming months given the increase in interest rates and the tightening of mortgage qualification rules for uninsured mortgages.

“These factors are expected to have the most impact on prices in markets where homes are the most expensive (Toronto and Vancouver). We expect home prices to be more resilient in other markets, such as Montreal which has been hot this summer”

 

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