Teranet House Price Index May 2013

12-MONTH HOME PRICE INFLATION DOWN TO 2.0% IN APRIL In April the Teranet-National Bank National Composite House Price Index™ was up 2.0% from a year earlier, the smallest 12-month rise since November 2009. By way of comparison, the Case-Shiller home price index of 20 U.S. metropolitan markets was up 9.3% from a year earlier in February (the latest available reading). In Canada, the rise over the 12 months ending in April exceeded the cross-country average in seven of the 11 markets surveyed for the national composite index: Quebec City (6.1%), Calgary (5.5%), Hamilton (5.4%), Winnipeg (4.4%), Toronto (4.3%), Edmonton (3.6%) and Halifax (2.8%). Price increases lagged the average in Ottawa-Gatineau (+1.5%) and Montreal (1.3%). Prices were down from a year earlier in Victoria (−3.3%) and Vancouver (−1.5%). For Vancouver it was the ninth month of 12-month deflation. 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

In April the composite index was up 0.2% from March. Except for April 2009, when the country was in recession, it was the weakest April monthly change in the 15 years since the inception of the index. In three markets considered lively, the monthly gain exceeded 1%: Winnipeg (1.3%), Edmonton (1.3.%), Calgary (1.2%). Excluding these three regions, the Composite index would have been flat in April. Lesser monthly increases were recorded in Hamilton (0.6%), Montreal (0.5%) and Toronto (0.4%). Prices were down from the month before in five markets: Vancouver (−0.8%), Quebec City (−0.5%), Ottawa-Gatineau (−0.2%) and Victoria and Halifax (−0.1%). 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 April % change m/m % change y/y Calgary 163.06 1.2 % 5.5 % Edmonton 168.19 1.3 % 3.6 % Halifax 142.68 -0.1 % 2.8 % Hamilton 138.51 0.6 % 5.4 % Montreal 149.04 0.5 % 1.3 % Ottawa 139.99 -0.2 % 1.5 % Quebec 171.01 -0.5 % 6.1 % Toronto 146.67 0.4 % 4.3 % Vancouver 165.63 -0.8 % -2.9 % Victoria 134.84 -0.1 % -3.3 % Winnipeg 191.27 1.3 % 4.4 % National Composite 6 152.58 0.1 % 1.8 % National Composite 11 153.68 0.2 % 2.0 % 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.