The National Bank of Canada has published their latest house price data. Its interesting. Overall house prices are up 2.7% on average across the country from this time last year. Prices in Toronto and Hamilton were up over 5%. While they don’t publish specific data just for Guelph, based on what we are seeing happening right now I would venture to say that prices are up at least that much. There are plenty of multiple offer situations going on and well priced homes are selling in days not weeks, often for over asking price. We have noted that certain townhouse complexes have had price increases of close to 10% since last year
The January composite index was down 0.3% from December, a fifth straight monthly decline. Prices were down from the month before in seven markets. For Calgary (−0.1%) it was the second consecutive monthly decline, for Vancouver (−0.8%) and Edmonton (−0.7%) it was the third, for Toronto (−0.4%) and Winnipeg (-0.3%) the fourth, for Montreal (−0.2%) the fifth. The 1.1% decline in Hamilton was the second in three months, and the largest in this region in two years. Prices were up 1.4% on the month in Quebec City and Victoria, 1.7% in Halifax (interrupting a sequence of three monthly declines) and 0.5% (interrupting a sequence of four monthly drops) in Ottawa-Gatineau.
Teranet – National Bank House Price Index™
The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca.
The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given atwww.housepriceindex.ca
The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census1, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion.
All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005.