Canadian Home Prices Increase Just as Market Begins to Slow

According to the Teranet-National Bank Composite Home Price Index (CHPI) which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, Canadian home prices were up 0.7% in June when compared to May. However, it was the lowest June price advance in 17 years. Prices rose in nine of the 11 metropolitan areas in the index, with the Halifax region up 2.7%, Winnipeg, Manitoba gaining 1.8% and Hamilton, just outside Toronto, gaining 1.7%. When compared year-over-year, however, the number of repeat sales declined -24%, which is the second straight large drop from the year earlier. An indication that Canada’s housing market is slowing.