Wednesday, October 27, 2010

Teranet House Price Index - August 2010


Monthly price rise of 0.2% in August

Canadian home prices in August were up 10.4% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the smallest 12-month gain in six months. The metropolitan markets showing a similar deceleration included Toronto and Vancouver, though their price increases from a year earlier were still in the neighbourhood of 12%. For Ottawa, the market where prices have risen most in the last six months, the 12-month increase was 10.7%. In the other three markets the 12-month gains were more modest: 7.7% in Montreal, 6.8% in Halifax, 5.0% in Calgary.

Teranet – National Bank National Composite House Price Index™

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For a second consecutive month, prices did not rise from the month before in all six markets. The Calgary index was down 0.5% from June and the Vancouver index 0.4%. For Vancouver it was the second monthly decline in a row. In Toronto the monthly rise was 0.4%, the smallest in five months. In Montreal it was 0.5%, in Halifax 0.9% and in Ottawa 1.4%. For the composite index as a whole the monthly increase in August was 0.2%, the smallest since the index began climbing 16 months ago. The uninterrupted string of 16 monthly gains exceeds the 14-month run of August 2005 through September 2006.

Teranet – National Bank House Price Index™

The historical data of the Teranet – National Bank House Price Index™ is available at

Metropolitan areaIndex level
August 2010
% change m/m% change y/y
Calgary160.40-0.5 %5.0 %
Halifax131.190.9 %6.8 %
Montreal136.100.5 %7.7 %
Ottawa133.321.4 %10.7 %
Toronto128.000.4 %12.5 %
Vancouver155.37-0.4 %11.8 %
National Composite139.430.2 %10.4 %

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

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.


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.


JimTan said...


What happened to Jesse's post?

Anyway, sell/list is still 78%. Detached sales price surges. Moving average must be at an all time high.

jesse said...

Hey jimtan, too busy making money and taking care of society's future to post. ;)