Housing prices see smallest gains since 2009: report

Growth in home prices over the past year were the slowest since November 2009, according to the Teranet-National Bank House Price Index (HPI) report, released Tuesday.

From July 2018 to July 2019, the HPI increased by a below-inflation rate of 0.4% nationwide, with the biggest year-over-year declines coming from Vancouver (-6.2%), Calgary (-3.1%) and Edmonton (-2.8%).

Other Western cities—such as Victoria and Winnipeg—saw their indices increase by 0.6% and 0.5%, respectively.

The report described the annual index growth in most of the six regions in Central and Eastern Canada as “decent,” pointing to Ottawa-Gatineau (+6.0%), Montreal (+5.8%), Hamilton (+5.1%), Toronto (+3.2%) and Halifax (+3.1%).

On a month-over-month basis, the index rose in 10 of the 11 markets mentioned in the report: Winnipeg (+2.9%), Ottawa-Gatineau (+2.0%), Montreal (+1.7%),  Halifax (+1.6%), Hamilton (+1.3%), Toronto (+1.3%), Calgary (+0.7%), Victoria (+0.6%), Edmonton (+0.5%), and Quebec City (+0.1%). The HPI was down by 1% in Vancouver, month-over-month.

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