Canadian Home Prices Rise Modestly in July

According to the Teranet-National Bank Composite House Price Index, Canadian home prices rose in July by 0.3% from June. The July advance was the smallest July advance in 15 years. Marc Pinsonneault, a senior economist at the National Bank of Canada, noted that had the index been seasonally adjusted, there would have actually been a decline of -0.3% in July, and the second consecutive monthly decline. Which would further confirm that the COVID-19 pandemic is weakening the housing market in Canada. Prices rose in nine of the 11 metropolitan areas in the index, with the Quebec City region up 1.4% and the government hub of Ottawa-Gatineau gaining 1.2%. The index was flat for Vancouver and slipped 0.3% in Victoria.