{"id":13501,"date":"2019-08-30T08:33:23","date_gmt":"2019-08-30T15:33:23","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13501"},"modified":"2019-08-29T17:27:08","modified_gmt":"2019-08-30T00:27:08","slug":"canadian-home-price-slumped-to-a-decade-low-growth","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadian-home-price-slumped-to-a-decade-low-growth\/","title":{"rendered":"Canadian Home-Price Slumped to A Decade-Low Growth"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home-price increases aren\u2019t even matching inflation, having slumped to a decade-low growth rate in July.<\/p>\n<p style=\"text-align: justify;\">That\u2019s according to the Teranet\u2013National Bank House Price Index, which measures how 11 key metro-area housing markets from coast to coast are faring each month.<\/p>\n<p style=\"text-align: justify;\">The overall 11-market index edged up by 0.4 percent on a year-over-year basis last month, while the rate of inflation clocked in at about 2 percent (around the range central bank policymakers target), according to Statistics Canada.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, the weakness is not regionally broad-based,\u201d National Bank Senior Economist Marc Pinsonneault points out.<\/p>\n<p style=\"text-align: justify;\">For instance, the Vancouver index was down 6.2 percent in July compared to the same time a year ago, the biggest annual drop of any major metro area. Vancouver was the only market where prices were down from the previous month, with the index declining another 1 percent.<\/p>\n<p style=\"text-align: justify;\">Meantime, indexes for Calgary and Edmonton took hits of 3.1 percent and 2.8 percent, respectively, though they were up from June. On a month-over-month basis, Calgary prices climbed 0.7 percent, while Edmonton trailed at 0.5 percent.<\/p>\n<p style=\"text-align: justify;\">Pinsonneault notes that Western markets \u2014 despite a slight 0.6-percent annual increase in Victoria \u2014 are weighing on the national index, which would have registered declines if adjusted for seasonal factors.<\/p>\n<p style=\"text-align: justify;\">\u201cThat being said, the recent rebound in home sales across Canada was also felt in the Western part of the country,\u201d Pinsonneault says. \u201cThis should help limit home-price deflation in this region.\u201d<\/p>\n<p style=\"text-align: justify;\">With Toronto home sales soaring as of late, including by nearly 25 percent in July compared to last year, home prices have been heating up.<\/p>\n<p style=\"text-align: justify;\">The Teranet\u2013National Bank index increased by 3.2 percent annually and 1.3 percent on a month-over-month basis in Canada\u2019s most active housing market this July.<\/p>\n<p style=\"text-align: justify;\">Yet Ottawa\u2013Gatineau claimed the most pronounced price gains, with the index up 6 percent from a year ago, edging out Montreal, where the index rose by 5.8 percent. Ottawa\u2019s index increased by 2 percent from June to July, and Montreal\u2019s followed at 1.7 percent, although Winnipeg trumped both surging 2.9 percent.<\/p>\n<p style=\"text-align: justify;\">Winnipeg prices remained relatively flat compared to last year, with the index just 0.5 percent higher than it was in July 2018.<\/p>\n<p style=\"text-align: justify;\">\u201c[A]nnual index growth has been decent in most of the six regions located in the central and eastern part of the country,\u201d Pinsonneault explains.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/08\/canadian-home-price-gains-clock-decade-low.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canadian Home-Price Gains Clock in at A Decade Low<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home-price increases aren\u2019t even matching inflation, having slumped to a decade-low growth rate in July. That\u2019s according to the Teranet\u2013National Bank House Price Index, which measures how 11 key &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadian-home-price-slumped-to-a-decade-low-growth\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13501","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Home-Price Slumped to A Decade-Low Growth &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/canadian-home-price-slumped-to-a-decade-low-growth\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Home-Price Slumped to A Decade-Low Growth &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home-price increases aren\u2019t even matching inflation, having slumped to a decade-low growth rate in July. 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