Canadian home price growth accelerated again in February from January, rising 1.5 percent for the month as prices grew in nine of the 11 major cities.
In January, the Teranet-National Bank Composite House Price Index, which measures repeat sales of single-family houses in major Canadian areas, increased by 1.3 percent over December. The data is not adjusted for the season.
On an annual basis, home price rises accelerated in February, with the index reaching 17.7% from a year ago, up from 16.6% in January and edging closer to the all-time high of 18.4% set in August 2021.
Halifax, Nova Scotia, had the fastest-rising property prices among Canada‘s big cities in February, up 32.5 percent year over year and 3.0 percent month over month. Home prices in Hamilton, Ontario increased 27.9% year over year and 3.1 percent month over month.
All 11 major cities improved year over year, and the 18 additional cities not included in the main index also improved year over year.
Separate statistics from Canada’s realtors earlier this week indicated that home selling prices hit a new all-time high in February, as buyers pounced on rising supply.