TORONTO CONDOS | TORONTO VIP CONDOS | TORONTO PRECONSTRUCTION CONDOS | NEW TORONTO CONDOS | TORONTO CONDO | TORONTO LOFTS | CONDOS FOR SALE | TORONTO CONDOMINIUMS | TORONTO REAL ESTATE AGENT | TORONTO REAL ESTATE

Canadian house prices edge higher in April

 

TORONTO (Reuters) - Canadian home prices rose in April from March as three strong cities in Western Canada more than offset weak showings elsewhere, while the annual gain in prices slowed, the Teranet-National Bank Composite House Price Index showed on Tuesday.

The index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 0.2 percent in April from a month earlier, but the weakest April gain in 15 years except for the 2009 recession.

The index was up 2.0 percent from a year earlier, the smallest 12-month gain since November 2009.

The report suggested Canada's housing market has regained some spring strength after a long, slow winter of declines following the government's move to tighten mortgage lending rules in July 2012, but remains subdued.

"We view this report as broadly consistent with stabilization in the housing market over the near-term. Sales activity has been better supported recently ... which in turn should also help carve out a trough in national home prices," Mazen Issa, Canada Macro Strategist at TD Securities, said in a research note.

"Taken in context with the healthy correction in sales and building activity, today's report further underscores the recent constructive developments in household imbalances," Issa said.

Canadian policymakers, including Bank of Canada Governor Mark Carney and Finance Minister Jim Flaherty have repeatedly warned consumers about taking on too much household debt to get into the housing market, and have been trying to engineer a soft landing for the sector by tightening bank lending rules.

Residential real estate activity typically picks up in the spring, and economists have been waiting to see if demand will return after a dramatic slowdown since the middle of 2012.

The Teranet-National Bank report showed prices rose more than 1 percent in April from March in three markets in Western Canada, where booming natural resource sectors have boosted economic activity.

Prices were up by 1.3 percent in Winnipeg and Edmonton and by 1.2 percent in Calgary. Excluding the three regions, the composite index would have been flat in April.

Smaller increases included a 0.6 percent rise in Hamilton, a 0.5 percent gain in Montreal and a 0.4 percent advance in Toronto.

Prices were down from the month before in five markets. Vancouver prices dropped 0.8 percent, Quebec City prices dipped 0.5 percent, Ottawa-Gatineau prices were off 0.2 percent, and prices fell 0.1 percent in Victoria and Halifax.

Year-on-year price gains continued to slow but remain positive in 9 of 11 Canadian cities as slowing sales activity has yet to bring down prices.

Prices dropped from April 2012 by 3.3 percent in Victoria and by 2.9 percent in Vancouver, which were among the hottest Canadian markets prior to the slowdown.

Compared with a year earlier, prices were up 6.1 percent in Quebec City, 5.5 percent in Calgary, 5.4 percent in Hamilton, 4.4 percent in Winnipeg, 4.3 percent in Toronto, 3.6 percent in Edmonton, 2.8 percent in Halifax, 1.5 percent in Ottawa and 1.3 percent in Montreal.

The industry group for Canadian real estate agents is set to release its April report on sales of existing homes on Wednesday, which is expected to show a sharp drop in activity from a year earlier even as prices held steady.

 

Join Our Mailing List

*

*

*

* Required

Upcoming Condos

Plaza Midtown home (Power+Adelaide) Canvas Condos MAX Condos AYC Condos Cosmos Condos 3 Vita On The Lake Brownstone at Westown Phase 2 Unionville Glen Townhomes Sail Condominiums The Southwood By Streetcar Whitehaus Condominiums Sonic Condos York Condos Downtown Markham Daniels Waterfront Lighthouse Condos Briar Hill City Towns The Rosedale on Bloor Condos The Village Residences Pier 27 Condo 158 Front Condos On The Danforth Condos Modern Manors Townhomes Spice Urban Towns on Danforth Rd. Spring Valley Junction Homes Art Shoppe Loft + Condos The Bartholomew Condos Claridge Gate Upper Thornhill Townhomes Vida Condos Lindvest Brownstone Townhomes The Lighthouse Tower Condos Chelsea Maple Station Townhomes Park Avenue Place Condos Beacon Condos Design Haus Condos CityLights on Broadway The Ravine Condos Lotus Condominiums at Bayview Village Harmony Village Condos Soul Condos Minto West Side Condos Marquette Urban Towns The Colours of Emerald City Homes at Don Mills Patricia Homes At Bathurst & Steeles Omega On The Park The Ossington Town Homes Zigg Condos St.Clair West Riverside Square Lofts on Queen Enigma On the Park WQW Condos The Yorkdale Condominiums Vox Esta Gardens The Eglinton Islington Terrace 488 University Canary Park 11 Wellesley St Dundas Square Condos Totem Condos YC Condos Forward Condos Core Condos SQ Condos One Park Place South Tower Garrison Point Condos Aqualina Bayside 2221 Yonge Condos Monde Condos Park Towns Ny2 Condos Casa 3 Condos Harbour Plaza Condos 383 Sorauren Yonge-Rich Condos Musee Condos 155 Redpath Westlake Encore The Opus 365 Church Condos The Mark Condos King Blue Condos The College Epicurean High Park Residences Park Tower at IQ Vero Condos Ten York One Park Place Fashion District Condos Cinema Towers Diva Condos The Britt Residences 101 Erskine Condos Waterways Condo River City 3 460 Yonge 501 Yonge Condos 609 Sherbourne Condos eCondos Carnary District The Carnaby Lofts NIOR Condos SkyCity Condos 88 Scott Condos Eau Du Soleil Condos Tux Condos The Massey Tower Condos Sixty Colbourne Condos TAO Condos Flair Condos Xpression Condos Maestro Condos Grand Palace One Eleven The Brant Park Condos Edge Triangle Park Condos Nexus Condos