Canadian home prices up in May, rising 0.8 per cent: Teranet housing index

MONTREAL - Canadian home prices were up in May, rising 0.8 per cent over the previous month, according to the Teranet–National Bank National Composite House Price Index.

Prices rose in Hamilton, Quebec City and Toronto, as well as Calgary, Edmonton and Montreal.

Calgary’s advance was the fourth in a row exceeding one per cent, taking prices in that city to a new high. New records were also reached in Hamilton and Toronto.

Halifax had the strongest month-to-month price in its history, with an increase of 3.1 per cent after price drops earlier this year.

Prices fell in Victoria and Winnipeg, while Ottawa remained unchanged.

The increase was the fifth smallest for May in the 16 years covered by the index, with prices were up 4.6 per cent from a year earlier, below the annual rate of growth.

The Teranet–National Bank House Price Index tracks prices for repeat home sales in six metropolitan areas: Ottawa, To­ronto, Calgary, Vancouver, Montreal and Halifax.