Another strong increase in the Composite Index in March
In March the Teranet–National Bank National Composite House Price IndexTM was up 0.6% from the previous month. As was the case in February, this was double the average March rise of the last 10 years. Leading the advance were the markets of Ottawa-Gatineau (1.1%), Vancouver (1.0%) and Toronto (0.9%). Trailing the countrywide average were rises for Hamilton (0.4%), Quebec City (0.3%), Montreal (0.2%) and Halifax (0.1%). The index for Victoria was essentially flat. Down from the previous month were Calgary (−0.1%), Edmonton (−0.6%) and Winnipeg (−0.8%).
The index for Vancouver has now gone six months without a decline. Its previous run of 14 straight months without a rise seems to be definitely over, especially since the Vancouver resale market has returned to balance as measured by ratio of listings to sales. The index for Victoria has move little over the last seven months. Weakness persists in the Prairies: the indexes for Calgary and Winnipeg have declined in five of the last six months, that for Edmonton in four. In central and eastern Canada the story is different. The index for Ottawa-Gatineau has not declined in any of the last 12 months, that for Toronto in only one and those for Montreal, Hamilton and Halifax in two. All of these last five markets were at a historical peak in March.