Canadian home prices rose slightly in April following an unusually flat March, according to the Teranet-National Bank Composite House Price Index.
Teranet says prices were up 0.5 per cent from March, and although the gain “might appear robust” compared to the previous month, home prices always climb in the spring season.
In fact, it noted that April’s increase was the third lowest for any April besides during the recession in 15 years.
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Year-over-year, national home prices rose by 4.9 per cent.
Teranet says prices were up in nine cities last month, with Calgary hitting a new high, rising by 1.5 per cent.
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“House price inflation in Western Canada remains particularly strong,” Amna Asaf, economist of Capital Economics, said.
The number of homes in Calgary relative to the number of buyers “suggests that house price inflation will probably continue to rise at close to 15 per cent over the course of the year.”
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Home prices in the Ottawa-Gatineau region also snapped out of seven months of declines, by rising by 0.7 per cent in April. While Vancouver hit a new high by jumping 0.5 per cent, following 12 months of advances.
Only two cities saw declines last month. Prices in Quebec City fell 0.5 per cent, while prices in Victoria dropped by 1 per cent.
The Teranet-National Bank House Price Index tracks repeat sales of single-family homes across the country.
With files from Canadian Press