Canadian home price gains accelerated again in February from January, climbing 1.5 per cent on the month as prices rose in nine of the 11 major markets, data showed on Thursday.
The Teranet-National Bank Composite House Price Index, which tracks repeat sales of single-family homes in major Canadian markets, had climbed 1.3 per cent in January from December. The data is not seasonally adjusted.
Home price gains also picked up speed on an annual basis, with the index rising 17.7 per cent in February from a year ago, up from a 16.6 per cent gain in January and edging closer to the August 2021 record of 18.4 per cent.
Halifax, Nova Scotia continued to have the fastest rising home prices of Canada’s major cities, up 32.5 per cent on the year and 3.0 per cent on the month in February. Hamilton, Ontario home prices jumped 27.9 per cent on the year and 3.1 per cent on the month.
All 11 major cities posted gains on the year, with the 18 other urban centers not included in the main index also all posting year-over-year gains.
Separate data earlier this week from Canada’s realtors showed home resale prices hit a new all-time high in February, as buyers seized on increasing supply.
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