Canada firing on 3 cylinders…
Canada’s housing market is firing on three cylinders, surprisingly including Vancouver, and setting fresh records for the month of February.
The Teranet-National Bank home price index, released Tuesday, showed a gain of 1% from January. That marks the fastest pace for a February in the 18-year history of this measure.
The “increase of unusual magnitude for the season” was largely because of Toronto, where prices climbed 1.9%, Hamilton, up 1.4%, and Vancouver, where sales have slumped but prices still rose 1.4%.
In other markets, Ottawa-Gatineau gained 0.9%, while several cities registered declines: Victoria, down 0.1%, Montreal, down 0.2%, Edmonton and Winnipeg, each down 0.5%, Quebec City, down 0.9%, Calgary, down 1.3%, and Halifax, down 1.9%.
“The declines ended upside runs of 10 months in Victoria, five months in Calgary and four months in Quebec City,” the group said.
“For Winnipeg, it was the fourth straight monthly decline,” it added.
“The index for Toronto has risen in each of the last 13 months, the index for Hamilton in each of the last 12 months.”