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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

July 20, 2020
TERANET-NATIONAL BANK HOUSE PRICE INDEX, JUNE 2020

In June 2020, Halifax home prices as measured by the Teranet-National Bank House Price Index increased 2.7 per cent from the previous month. Home prices were up 11.8 per cent compared to June 2019, the largest year-over-year increase on record for the Halifax housing price index.

Compared to May 2020, monthly resale home prices increased 0.7 per cent for the 11-city composite of the Teranet-National Bank House Price Index. The largest monthly increases were reported in Halifax (2.7%), Winnipeg (1.8%) and Hamilton (1.7%). Monthly declines were reported in Edmonton (-0.7%) and Calgary (−0.1%).

Teranet-National Bank noted a continued slowing of the housing market due to Covid-19, with the number of repeat sales entering into the index down 22 per cent year-over-year in May, and 24 per cent in June. The raw composite index for June after seasonal adjustment was down 1.1 per cent.

National year-over-year price growth slowed to 5.9 per cent in June 2020, after ten consecutive year-over-year increases in the monthly 11-city composite index. Year-over-year price growth in Halifax accelerated for a third consecutive month to 11.8 per cent, following a 10.5 per cent increase in May 2020.

Year-over-year housing price increases were reported in 9 of 11 major metropolitan markets, with the largest increases in Ottawa-Gatineau (13.0%), Halifax (11.8%), Montreal (10.3%), Toronto (9.1%) and Hamilton (8.4%). Compared to June 2019, housing prices were down in Edmonton (−2.4%) and Calgary (−1.3%).

 Source: Teranet-National Bank

 

 



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