Canadian Home Prices Experience Strong Gains in April

In April, home prices in Canada increased at a greater pace than typical for the month. Led by sales in the metropolitan markets of Ottawa-Gatineau and Toronto areas. According to the Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries, and measures changes for repeat sales of single-family homes, in Canada, prices were up 1.3% in April from March. Marc Pinsonneault, a senior economist at National Bank of Canada said that the price increase in April was double the average gain for the month over the past 10 years, which was also the case in February and March. Pinsonneault, went onto say, “We think that most of the sales that were recorded in April in land registries were concluded in previous months.”