Canada’s Resale Home prices see first Annual rise in 10 months

Posted on 14. Dec, 2009 by in News

OTTAWA — Resale prices for Canadian homes rose for a sixth consecutive month in October — and were up on an annual basis for the first time in nearly a year — as the country’s real estate market continued to recover from recessionary lows, according to a report released Wednesday.

The Teranet-National Bank resale house price index of major markets increased 1.27% during the month from September. Year-over-year, prices were up 0.57% — marking the first rise in 10 months.

“Prices have now risen 1% or more for five months in a row,” said Marc Pinsonneault, senior economist at National Bank Financial. “In October, however, the monthly rise varied significantly among the six metropolitan markets surveyed.”

The biggest monthly price gains were recorded in Toronto (1.6%), Vancouver (1.8%) and Calgary (0.8%), the index showed.

More modest increases were noted in Halifax (0.4%), Ottawa (0.3%) and Montreal (0.3%). “In each of these three cities, the monthly appreciation was the smallest since market bottom — except for one monthly decline each in Montreal and Halifax,” said Mr. Pinsonneault.

Source: Real Estate Investors Network, REIN – January 2010

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