Vancouver home prices continued to grow in October, and the city once again saw the biggest year-over-year increases across the country, according to Teranet’s home price index.

Teranet uses statistics compiled from public land registries using a repeat-sales methodology, which means it looks at homes that have been sold at least twice since 1990.

Prices increased 9.83% in October compared with a year earlier, according to the data released November 12.

Price increases in Toronto and Hamilton, both up 9.3%, in Victoria, up 6.4% and in Edmonton, 1.4%, helped prices grow 5.6% overall nationwide. Prices either fell or stayed the same in all other major centres. The biggest decreases were in Quebec City (down 3.2%), Calgary (down 1%) and Montreal (down 0.6%).

“[October] was the first month since October 2009 that prices were up from a year earlier in only five of the 11 metropolitan markets surveyed,” said Marc Pinsonneault, senior economist, National Bank of Canada’s economics and strategy group.

Compared with one month prior, home prices were up 0.6% in Vancouver, which was well above the national average of 0.1%. Winnipeg led the country in gains in October, with prices increasing 1.9%. Prices were up in Toronto and Victoria (both 0.3%) and Edmonton (0.2%), but fell in all other major centres including Halifax (down 1.7%) and Calgary (down 0.8%).

“For Vancouver it was the 10th consecutive month in which prices did not fall, for Toronto the eighth—a trend consistent with the sellers’-market conditions prevailing in those two markets,” said Pinsonneault.

Teranet : Vancouver Home Prices Up Almost 10% for Repeat Sales in October by Emma Crawford Hampel | Business in Vancouver