The Teranet-National Bank House Price Index for October has been released, which shows that Canadian house price growth continues to bounce back from August’s post-Global Financial Crisis (GFC) low:
Home values nationally declined by 0.4% in the month of October, driven by a 0.8% fall in Vancouver and a 0.2% decline in Toronto. By contrast, Montreal home values rose by 0.2% over the month.
However, in the year to October, Canadian home values rose by just 2.8%, up from the post-GFC low of 1.4% in August. The rebound was driven by Toronto, whose annual price growth rebounded to 1.9% from -3.3% August. Elsewhere, annual price growth was 4.2% in Vancouver (albeit fading fast) and 5.0% in Montreal.