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Vancouver Home Prices the highest gain for February

Vancouver home prices the highest in monthly gain for February

 

Home prices in Vancouver went up in February according to data from the Teranet-National Bank Composite House Price Index (HPI), which calculates price changes for repeated home sales. Only three out of the eleven large city markets surveyed increased month-to-month, with Vancouver at the highest across Canada (1.5%), followed by Victoria (0.5%), and Hamilton (0.3%). This resulted in a national monthly HPI increase of 0.1%.

 

The year-over-year figures placed Vancouver’s gain at third highest (5.7%) after Hamilton (8%) and Toronto (7.3%). The national yearly HPI increase was 4.4% in February, which is a decrease from 4.7% in January.

 

Decelerating Home Growth

 

Economic analyst at TD Economics, Admir Kolaj, stated that this is the fourth consecutive month of decelerating home price growth. He also pointed out that there is a growing regional divide between the oil producing and non-oil producing regions. The HPI decrease in Calgary (0.3%) and Edmonton (0.8%) was higher than that in Toronto (0.1%).

 

Kolaj predicts that home price growth will remain more favourable elsewhere in Canada due to the low Canadian dollar and lower-for-longer interest rates.

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