Canadian home prices rise to fresh high in February

TORONTO — Canadian home prices rose 0.3% in February, pushing the Teranet-National Bank national composite price index to a record high for a second month in a row.Home prices were up in all five markets surveyed in Western Canada and were down in all five metropolitan eastern markets except Montreal.A record was set for the fourth straight month in Vancouver (up 0.9%), while Calgary’s increase of 1.1% helped it set a record for the first time since September 2007. Increases were also recorded in Edmonton (0.6%), Victoria (0.9%) and Winnipeg (0.5%).Halifax and Quebec City dipped the most at -1.7%. Decreases were noted in Ottawa-Gatineau (-0.8%), Hamilton, Ont. (-0.5%), and Toronto (-0.1%). Montreal was up 0.7%.Over the last 12 months, the index has increased by 5%, with prices in Calgary rising 9.6% and Vancouver by 7.7%. Toronto was up 6.1%, followed by Edmonton (5.3%) and Hamilton (five%). Winnipeg was below the average at 3.5% and Montreal was up 1.9%.Prices were down in at least four markets for the first time since October 2009 as Victoria fell 3.4%, Halifax was down 4.7% and Ottawa-Gatineau slipped 0.6%. Prices in Quebec City were down for the first time in 15 years, falling two% over the last year.The Teranet-National Bank index tracks average home prices in 11 metropolitan markets based on data collected from public land registries. read more