Home prices in Calgary showed a slight increase in July, according to Teranet’s National Bank National Composite House Price Index. The index, which tracks observed or registered home prices over time, showed month over month prices in the city rose by 0.2 per cent in July, increasing by 1.1 per cent on a year over year basis.
Nationally, the July increase was 0.7 per cent, which followed gains of more than one per cent posted in both May and June. The July gain marked with fifth consecutive monthly increase, taking Teranet’s index to a new high for the third consecutive month.
Four of the 11 markets included in the index showed 12-month gains exceeding the national average: Toronto (9.2%), Winnipeg (7.4%), Hamilton (5.9%) and Halifax (5.4%), while Victoria (-0.4%) was the only city in Canada to post a decline in prices over the last year.
Under Teranet’s index, all dwellings that have been sold at least twice are considered in the calculation. This is known as the repeat sales method. Under the index, all figures have a base value of 100 in June 2005. For example, an index value of 130 means home prices have increased 30 per cent since June 2005.