Home prices have risen over the past year, with healthy housing markets in Central and Eastern Canada making up for falling prices in the West, according to a report from National Bank of Canada.
Prices were flat in January, increasing by a “rather typical” 0.1% across the country, but the Teranet–National Bank Composite National House Price Index rose by 2.1% year over year, driven by growth in markets such as Ottawa-Gatineau (7.9%), Hamilton (6.9%), Montreal (6.7%) and Halifax (6.4%).
Regionally, Eastern Canada has seen prices rise by 5.2% over the past 12 months, while prices have fallen by 2.5% in Western Canada. The only city in Central Canada that saw prices fall was Quebec City, where prices were down 1.4% month over month and 1.2% year over year.
While Vancouver home prices increased by 0.2% in January, the city saw prices drop by 3.6% year over year. Calgary saw prices fall by 1.6% year over year.
In Toronto, home prices also increased by 0.2% in January, but grew by 4.5% year over year.