While prices for homes are rising all across Canada for the most part, none are rising as fast as the prices in Calgary. According to Statistics Canada, the New Housing Price Index in the metropolitan census area of Calgary was the highest in the country. The price index was up 7.6% on a year-over-year basis in April while a price growth throughout Canada during the same time period was only 1.6%. Prices increased in Canada by 0.2% on a monthly basis while they went up 0.6% in Calgary.
In May, Canadian home prices went up 0.8% when compared to the prices in April according to the Teranet–National Bank National Composite House Price Index. Montréal, Edmonton, Calgary, Toronto, Québec City and Hamilton also reported rising house prices during the month. In Winnipeg and Victoria, the prices went down and in Ottawa and Vancouver, the prices remained unchanged.
New records for home prices were set in Calgary, Hamilton and Toronto. This was the fourth consecutive month in a row that Calgary saw rising prices that were higher than 1%.
Halifax reported a 3.1% increase following price drops that occurred earlier in 2014. This was the strongest price gain on a month-to-month basis ever recorded by Halifax.
Here is a breakdown of the price gains in each city on a month over month basis:
- Hamilton - 2%
- Québec City - 1.6%
- Toronto - 1.3%
- Calgary - 1.1%
- Edmonton - 0.6%
- Montréal - 0.5%
On a year-over-year basis, Toronto reports a 6% increase, Calgary prices increased by 8.7% and in Vancouver they went up by 8.2%.
Even with the rising prices, real estate is still one of the most secure investments you could possibly make in your future. Not only is it an investment for the future but it is an asset that you can enjoy as you are building up more and more equity in your home.