Teranet House Price Index - February 2014

HOME PRICES UP 0.4% IN JANUARY In January the Teranet-National Bank National Composite House Price Index™ was up 0.4% from December. This advance took the composite index to an all-time high, though individual indexes reached all-time highs for only two of the 11 metropolitan markets surveyed, Toronto and Vancouver. Since in January 2013 the index was down from the month before, the increase of January 2014 resulted in an acceleration of 12 month home price inflation to 4.5% in January from 3.8% in December. The gain from a year earlier exceeded the cross-country average in four of the 11 markets: Vancouver (7.5%), Calgary (7.1%), Toronto (5.8%) and Hamilton (5.1%). It was close to the average in Edmonton (4.4%) and Winnipeg (3.9%). It was minimal in Montreal (0.8%) and Quebec City (0.6%). Prices were down from a year earlier in Victoria (−5.7%), Halifax (−2.9%) and Ottawa-Gatineau (−0.6%). The 12-month decline was a first for Ottawa-Gatineau, the 11th straight for Victoria and the fourth in six months for Halifax. Teranet – National Bank National Composite House Price Index™ Contact Us For general enquiries: info@housepriceindex.ca For licenses covering all index-linked products, please contact: Simon Côté 514 879-5379 Website www.housepriceindex.ca

The 0.4% advance of the composite index from December to January was the largest monthly rise in five months. Over this period, it is also the first time that a majority of the markets surveyed showed prices up from the month before. Vancouver (+1.1%), Toronto (+0.5%) and Quebec City (+0.5%) led the composite index. Calgary equalled it. Hamilton prices were up 0.3%, Winnipeg and Montreal prices 0.2%. Edmonton was flat on the month. Prices fell 0.3% in Victoria, 1.1% in Ottawa-Gatineau and 1.7% in Halifax. The January rises in Montreal and Quebec City interrupted runs of five consecutive monthly declines. For Ottawa-Gatineau it was the fifth straight monthly decline, for Victoria the fourth and for Halifax the second. For Vancouver it was a ninth straight monthly rise, for the composite index the 10th in 11 months. Teranet – National Bank House Price Index™ The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca. Metropolitan area Index level January % change m/m % change y/y Calgary 172.42 0.4 % 7.1 % Edmonton 172.33 0.0 % 4.4 % Halifax 138.06 -1.7 % -2.9 % Hamilton 146.63 0.3 % 5.1 % Montreal 148.98 0.2 % 0.8 % Ottawa 140.42 -1.1 % -0.6 % Quebec 176.52 0.5 % 0.6 % Toronto 154.80 0.5 % 5.8 % Vancouver 176.94 1.1 % 7.5 % Victoria 133.48 -0.3 % -5.7 % Winnipeg 193.96 0.2 % 3.9 % National Composite 6 159.45 0.5 % 5.0 % National Composite 11 159.93 0.4 % 4.5 % 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.

Teranet House Price Index - August 2013

12-MONTH HOME PRICE INFLATION AT 1.9% IN JULY The Teranet-National Bank National Composite House Price Index™ rose to an all-time high in July, as did the indexes of four of the 11 metropolitan markets covered by the composite index: Hamilton, Toronto, Ottawa-Gatineau and Quebec City. However, the composite index was up only 1.9% from a year earlier. Though this was a slight acceleration from June, the 12-month gains of these two months were the smallest since November 2009. By way of comparison, the Case-Shiller home price index of 20 U.S. metropolitan markets was up 12.1% from a year earlier in May (the latest available reading). In Canada, the price rise over the 12 months ending in July exceeded the cross-country average in six of the 11 markets: Hamilton (6.7%), Calgary (5.9%), Quebec City (3.8%), Edmonton (3.5%), Toronto (3.4%) and Winnipeg (3.2%). It lagged the average in Halifax (1.5%), Montreal (1.1%) and Ottawa-Gatineau (0.9%). Prices were down from a year earlier for a fifth straight month in Victoria (−4.0%) and for a 12th straight month in Vancouver (−2.0%). Teranet – National Bank National Composite House Price Index™ Contact Us For general enquiries: info@housepriceindex.ca For licenses covering all index-linked products, please contact: Simon Côté 514 879-5379 Website www.housepriceindex.ca

The July composite index was up 0.7% from June. Though this increase may seem substantial, it is somewhat below the seasonal norm. Over the last 12 years, the average July gain has been 1.0%. (May, June and July are generally the months in which upward pressure on home prices is strongest. In 15 years of index data collection, the composite index has not declined in any of these three months.) In July of this year, prices were up from the month before in nine of the 11 markets surveyed. The increase exceeded the national average in four markets: Victoria (2.6%), Hamilton (1.8%), Toronto (1.3%) and Edmonton (0.8%). It lagged the average in Calgary (0.5%) and in Vancouver, Ottawa-Gatineau and Quebec City (0.3%). In Montreal prices were flat from the month before. In Winnipeg (−0.4%) and Halifax (−0.6%), prices were down on the month. Teranet – National Bank House Price Index™ The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca. Metropolitan area Index level July % change m/m % change y/y Calgary 170.12 0.5 % 5.9 % Edmonton 173.78 0.8 % 3.5 % Halifax 143.01 -0.6 % 1.5 % Hamilton 145.58 1.8 % 6.7 % Montreal 151.83 0.0 % 1.1 % Ottawa 143.20 0.3 % 0.9 % Quebec 179.70 0.3 % 3.8 % Toronto 152.30 1.3 % 3.4 % Vancouver 168.92 0.3 % -2.0 % Victoria 137.41 2.6 % -4.0 % Winnipeg 194.47 -0.4 % 3.2 % National Composite 6 157.07 0.7 % 1.7 % National Composite 11 158.16 0.7 % 1.9 % 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. By: Marc Pinsonneault Senior Economist Economy & Strategy Group National Bank of Canada Teranet - National Bank House Price Index™ thanks the author for their special collaboration on this report. 1 Value of Dwelling for the Owner-occupied Non-farm, Non-reserve Private Dwellings of Canada.

Teranet Index - December 2010

FEBRUARY 2011

Home prices up 0.3% in December Canadian home prices in December were up 0.3% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. The advance followed three consecutive monthly declines that had ended an unbroken run of 16 increases. December prices were up from the previous month in five of the six metropolitan markets surveyed. A 0.1% rise in the Calgary market was the first gain in five months. The rise was 0.5% in Vancouver and Montreal, 0.2% in Toronto. Halifax prices jumped 3.6%. We note that the composite index would have advanced 0.3% even if Halifax had been flat. The 0.4% monthly decline of Ottawa prices was the fourth in a row. Teranet – National Bank National Composite House Price Index™ Contact Us For general enquiries: info@housepriceindex.ca For licenses covering all index-linked products, please contact: Simon Côté 514 879-5379 Website www.housepriceindex.ca

The 12-month gain in the composite index slowed in December to 4.1%. It was the sixth month in a row of deceleration. Halifax was the only market to show an acceleration of its 12-month rise, to 8.5% in December from 2.7% in November. The 12-month increase was 4.0% in Toronto, 5.1% in Vancouver, 6.3% in Ottawa and 6.4% in Montreal. Calgary prices were down 2.9% from a year earlier, for a third consecutive month of 12-month deflation. Data for January from the Canadian Real Estate Association show generally balanced conditions in major urban markets. Toronto and Vancouver could even be considered rather tight markets. The federal minister of finance announced January 17 that the maximum amortization period for an insured mortgage will be reduced to 30 years from 35 years effective March 18. This prospect could influence the resale market between now and the effective date. Teranet – National Bank House Price Index™ The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca. Metropolitan area Index level December % change m/m % change y/y Calgary 154.36 0.1 % -2.9 % Halifax 132.56 3.6 % 8.5 % Montreal 136.22 0.5 % 6.4 % Ottawa 130.51 -0.4 % 6.3 % Toronto 124.43 0.2 % 4.0 % Vancouver 156.62 0.5 % 5.1 % National Composite 137.51 0.3 % 4.1 % 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 at www.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. By: Marc Pinsonneault Senior Economist Economy & Strategy Group National Bank Financial Group Teranet - National Bank House Price Index™ thanks the author for their special collaboration on this report. 1 Value of Dwelling for the Owner-occupied Non-farm, Non-reserve Private Dwellings of Canada.

Teranet Index - November 2010

JANUARY 2011

Third consecutive monthly price decline in November Canadian home prices in November were down 0.2% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. This retreat followed monthly declines of 0.4% in October and 1.1% in September after a run of 16 consecutive increases. November prices were down from the previous month in four of the six metropolitan markets surveyed. Declines of 0.9% in Ottawa and 0.5% in Toronto were each the third in a row. The Calgary decline of 0.7% was the fourth in a row. Halifax prices were down 0.8%. Montreal prices were again flat from the month before. Prices in Vancouver were up 0.6%. After three consecutive months of decline in the composite index, Canadian home prices are still 4.8% above the pre-recession peak of August 2008. Teranet – National Bank National Composite House Price Index™ Contact Us For general enquiries: info@housepriceindex.ca For licenses covering all index-linked products, please contact: Simon Côté 514 879-5379 Website www.housepriceindex.ca

The November result was reflected in a further deceleration of the 12-month rise of the composite index, to 4.9%. It was the fifth consecutive month of deceleration, leaving the 12-month increase the smallest since December 2009. Market by market, the 12-month changes range quite widely: increases of 7.2% in Ottawa, 7.1% Montreal, 5.9% in Vancouver, 5.1% in Toronto and 2.7% in Halifax, with a decrease of 1.5% in Calgary. Data from the Canadian Real Estate Association show generally balanced conditions in major urban markets in December. Toronto and Vancouver could even be considered sellers' markets. Teranet – National Bank House Price Index™ The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca. Metropolitan area Index level November % change m/m % change y/y Calgary 154.21 -0.7 % -1.5 % Halifax 127.91 -0.8 % 2.7 % Montreal 135.56 0.0 % 7.1 % Ottawa 131.07 -0.9 % 7.2 % Toronto 124.21 -0.5 % 5.1 % Vancouver 155.90 0.6 % 5.9 % National Composite 137.07 -0.2 % 4.9 % 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 at www.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. By: Marc Pinsonneault Senior Economist Economy & Strategy Group National Bank Financial Group Teranet - National Bank House Price Index™ thanks the author for their special collaboration on this report. 1 Value of Dwelling for the Owner-occupied Non-farm, Non-reserve Private Dwellings of Canada.