{"id":19286,"date":"2022-02-01T10:10:00","date_gmt":"2022-02-01T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19286"},"modified":"2022-02-01T09:06:43","modified_gmt":"2022-02-01T17:06:43","slug":"2021-home-price-growth-surpasses-2016-peak","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/02\/2021-home-price-growth-surpasses-2016-peak\/","title":{"rendered":"2021 Home Price Growth Surpasses 2016 Peak"},"content":{"rendered":"<p style=\"text-align: justify;\">At the conclusion of 2021, Canadian home prices grew more than 15 per cent annually, beating out the previous market peak that was established around five years ago.<\/p>\n<p style=\"text-align: justify;\">According to monthly market reports released this week for the Teranet\u2013National Bank National Composite House Price Index (HPI), the December composite index was up 15.5% year-over-year. This breaks the previous peak that was achieved in 2016 before \u201cmacroprudential measures were imposed to calm the housing market.\u201d<\/p>\n<p style=\"text-align: justify;\">Of the 11 cities the composite index analyzes, growth was driven by yearly prices increases in Halifax (30.7%), Hamilton (25.4%), Victoria (19.7%), Toronto (16.8%), Ottawa-Gatineau (16.3%) and Montreal (15.6%). Four of the cities \u2014 Halifax, Hamilton, Montreal and Victoria \u2014 reported all-time high price growth between December 2020 and December 2021.<\/p>\n<p style=\"text-align: justify;\">Although their annual price increases were not record-breaking in December, value growth in Toronto, Ottawa-Gatineau, Vancouver, Quebec City and Winnipeg was still \u201cvery strong on a historical basis.\u201d Meanwhile, Calgary and Edmonton recorded their best gains since 2014.<\/p>\n<p style=\"text-align: justify;\">The Teranet\u2013National Bank HPI is an independent representation of changes to Canadian single-family home prices by the National Bank of Canada and Teranet Inc. The HPI is determined by tracking the observed or registered home prices over time using data from property records of public land registries. The calculations use the repeat sales method, which weighs the price increase observed between two sales of the same property.<\/p>\n<p style=\"text-align: justify;\">On a monthly basis, the December composite index reported a seasonally-adjusted monthly increase of 1.1 per cent, higher than the 0.6 per cent increase seen in November. With no seasonal adjustment, the index rose 0.8 per cent from November to December, the second consecutive monthly increase.<\/p>\n<p style=\"text-align: justify;\">Without seasonal adjustment, eight of the 11 markets drove monthly price growth, including Victoria (2.1%), Halifax (1.9%), Hamilton (1.2%) and Montr\u00e9al (1.1%). Winnipeg, Ottawa-Gatineau and Edmonton reported price drops ranging from 0.1% to 0.4%. After seasonal adjustment, nine of the 11 markets in the composite index increased month-to-month, including Victoria (2.2%), Hamilton (1.7%), Quebec City (1.5%), Montreal (1.3%), Toronto (1.2%) and Vancouver (1.1%).<\/p>\n<p style=\"text-align: justify;\">The monthly price increases should be \u201cviewed in conjunction\u201d with the strength in the resale housing market, according to National Bank economist Daren King.<\/p>\n<p style=\"text-align: justify;\">\u201cIndeed, over the past five months, sales have increased and the inventory of properties for sale has remained very low, explaining the recent acceleration in prices. Given that the inventory of properties for sale is at an all-time low, it would not be surprising to see further increases in home prices in the coming months,\u201d wrote King.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, the recent increase in mortgage rates and the increase we expect in 2022 should eventually dampen this appreciation,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">In a separate report regarding the composite index, King noted that in light of recent mortgage interest rate increases and the expected increases to come, some people who have \u201csecured advantageous interest rates\u201d have likely brought forward transactions. This would explain the strength of the last few months.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/01\/2021-home-price-2016-peak-cities-increases.html\" target=\"_blank\" rel=\"noopener\">2021 Home Price Growth Surpasses 2016 Peak as Major Cities Report Record Increases<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the conclusion of 2021, Canadian home prices grew more than 15 per cent annually, beating out the previous market peak that was established around five years ago. According to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/02\/2021-home-price-growth-surpasses-2016-peak\/\">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-19286","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2021 Home Price Growth Surpasses 2016 Peak &#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\/2022\/02\/2021-home-price-growth-surpasses-2016-peak\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"2021 Home Price Growth Surpasses 2016 Peak &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"At the conclusion of 2021, Canadian home prices grew more than 15 per cent annually, beating out the previous market peak that was established around five years ago. 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