Hamilton recorded the biggest year-over-year jump in home prices in Ontario last month, according to a benchmark report for financial professionals.
The most recent Teranet National Bank composite price index, which covers 11 markets across the country, shows Canadian home prices had the largest annual gain on record, up 16 per cent over June of last year.
That number beat an increase of 14.2 per cent recorded in 2017 prior to the introduction of macroprudential regulations – tools that changed mortgage loan-to-value ratios and loan maturity to stabilize home prices.
Hamilton was number two in Canada on June’s composite list of the largest gains, 28 per cent year over year, with Halifax number one at a 30.8 per cent increase year to year.
The index reported increases in all of the 11 markets for the fourth consecutive month, with Hamilton up 3.8 per cent in June compared to May’s data. The index as a whole rose for the 20th consecutive month, going up 2.7 per cent from May, the second-largest monthly gain on record since 1999.
Despite the increases, the study suggests recent statistics do show “a moderation” in the number of home sales in Canada, a potential sign that there could be a slowing of price rises in the coming month.
The report says a number of smaller urban centres in southern Ontario also saw prices go up. In May, Barrie, Guelph, Brantford, Kitchener, St. Catharines, Oshawa and Peterborough all had bumps from the previous month and from a year earlier.
Brantford’s gain was 31 per cent year over year, while St. Catharines–Niagara shot up 32 per cent.
Year-over-year increases in 11 Canadian markets as per Teranet–National Bank National Composite House Price Index:
- Halifax – 30.8%
- Hamilton – 27.97%
- Ottawa-Gatineau – 25.84%
- Montreal – 19.37%
- Victoria – 18.5%
- Toronto – 15.86%
- Vancouver – 14.7%
- Quebec City – 10.78%
- Winnipeg – 9.92%
- Calgary – 6.0%
- Edmonton – 5.3%