Canadian Home Prices Jump 16% in June, Sharpest Annual Gain on Record

According to the Teranet National Bank composite price index, home prices across Canada posted the 20th consecutive increase, rising by 2.7% from the prior month, as all of the 11 constituent markets reported gains. This marked the second-biggest monthly jump on records dating back to 1999, only lagging slightly behind the 2.8% increase reported in May.

Source: Teranet National Bank

The index was 16% higher compared to June 2020, exceeding the 14.2% increase reported in June 2017, and marking the sharpest annual increase in home prices on record. Of the 32 urban housing markets across Canada, 90% of them reported price gains of more than 10%, while 42% of these urban markets noted price increases of 30% or more. The record-breaking 12-month increase was led by five main markets, including Halifax, Hamilton, Ottawa-Gatineau, Montreal, and Victoria.

However, despite the record-high gains, the month of June also saw a slight deceleration in prices compared to the beginning of the year, which coincides with the recent declining trend of home sales, as reported by the Canadian Real Estate Association. As such, the slight cooling in real estate activity could mean that price gains could slow over the coming months, but a decline in prices likely will not happen anytime in the short-run.

Information for this briefing was found via the Teranet National Bank. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Suburban Rent Prices on the Rise as City Exodus Continues

As anticipated, the recent mass exodus out of urban and downtown areas across the US...

Thursday, October 22, 2020, 03:10:00 PM

Canadian Consumer Debt Surpasses $2 Trillion as Demand for New Credit Escalates Despite Covid-19 Concerns

As a result of Canada’s housing market continuing to make strong gains despite less than...

Tuesday, December 1, 2020, 12:11:00 PM

Ontario Provincial Government Imposes Rent Freeze for 2021

In the latest move to prevent the escalation of pandemic-induced challenges facing Canadians, the Ontario...

Saturday, September 19, 2020, 01:51:00 PM

Mortgage Borrowers No Longer Making Payments Due to Economic Shutdown: A Replay of the 2008 Subprime Mortgage Crisis?

The onset of the coronavirus pandemic has initiated an economic state much too familiar of...

Thursday, April 9, 2020, 08:42:22 AM

Manhattan Real Estate Market Plummets as City Dwellers Seek Housing in Rural Communities

As major cities across the US are under the siege of soaring coronavirus infection rates,...

Tuesday, July 7, 2020, 02:53:00 PM