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Canadian home prices rise in September as market firms -Teranet

Credit: REUTERS/JENNIFER GAUTHIER

Canadian home prices posted across-the-board monthly gains in September, led by the Ottawa-Gatineau and Quebec City markets, for the second-strongest September on record, data showed on Tuesday.

OTTAWA, Oct 20 (Reuters) - Canadian home prices posted across-the-board monthly gains in September, led by the Ottawa-Gatineau and Quebec City markets, for the second-strongest September on record, data showed on Tuesday.

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 rose 1.1% in September from August.

In addition to the 11 major markets included in the index, Teranet also tracks 20 other cities across the country. All 31 posted gains for the month, the first across-the-board monthly gain since tracking of the current bundle began in 2009.

Prices were up 2.3% in the capital region of Ottawa-Gatineau and 2.2% in Quebec City, with Montreal and Hamilton both up 1.9% in September from August.

On a year-over-year basis, the index was up 6.7% in September, rising at a faster pace than the previous month. The 12-month gain was also lead by Ottawa-Gatineau, up 14.3%, followed by Halifax at 12.2%.

Calgary prices were down 2.6% on the year, while Edmonton prices were 0.8% lower.

Price gains in Hamilton and in six of the seven other Golden Horseshoe cities around Toronto were higher than in the Greater Toronto Area itself, reinforcing the view that many urbanites are fleeing to satellite cities for more space amid the coronavirus pandemic.

(Reporting by Julie Gordon in Ottawa Editing by Chizu Nomiyama)

((julie.gordon@thomsonreuters.com; 613-235-6745; Reuters Messaging: julie.gordon.thomsonreuters.com@reuters.net))

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