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Canadian home prices rise in June but market slowing

Credit: REUTERS/TODD KOROL

Canadian home prices rose in June, led by the Halifax, Winnipeg and Hamilton markets, though it was the lowest June advance in 17 years, data showed on Monday.

By Julie Gordon

OTTAWA, July 20 (Reuters) - Canadian home prices rose in June, led by the Halifax, Winnipeg and Hamilton markets, though it was the lowest June advance in 17 years, data showed on Monday.

The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed prices were up 0.7% in June from May.

If the index was corrected for seasonal pressures, there would have been a decline of 0.1% in June, the first retreat in 11 months, said Marc Pinsonneault, a senior economist at the National Bank of Canada.

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%.

Compared with the same month a year ago, the index climbed by 5.9%. That was a slight deceleration of the 12-month gain after 10 months of acceleration, said Pinsonneault.

A 24% year-over-year drop in the number of repeat sales used to derive indexes, the second straight large drop from the year earlier, confirms the slowing of Canada's housing market, Pinsonneault said.

(Reporting by Julie Gordon; Editing by Leslie Adler)

((julie.gordon@thomsonreuters.com; 343-961-4020; Reuters Messaging: julie.gordon.thomsonreuters.com@reuters.net))

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