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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

August 20, 2020
TERANET-NATIONAL BANK HOUSE PRICE INDEX, JULY 2020

In July 2020, Halifax home prices as measured by the Teranet-National Bank House Price Index increased 1.0 per cent from the previous month. Home prices were up 11.1 per cent compared to July 2019, down slightly from the 11.8 per cent record year-over-year increase reported in June 2020.

Compared to June 2020, monthly resale home prices increased 0.3 per cent for the 11-city composite of the Teranet-National Bank House Price Index. The largest monthly increases were reported for Quebec (1.4%), Ottawa-Gatineau (1.2%), Winnipeg (1.1%) and Halifax (1.0%). Monthly declines were reported for Victoria (-0.3%) and Vancouver (-0.03%).

Teranet-National Bank noted a continued slowing of the housing market due to Covid-19. The number of repeat sales entering into the July indexes was down almost 20% from a year earlier, reflecting the decline in home sales reported by the Canadian Real Estate Association. The 0.3 per cent increase for the 11-city composite was the smallest for July in 15 years. With the seasonal adjustment removed, the index would show monthly declines for both June and July.

National year-over-year price growth slowed to 5.5 per cent in July 2020, after dropping to 5.9 per cent growth in the previous month. Year-over-year price growth in Halifax slowed to 11.1 per cent in July, after accelerating three consecutive months to 11.8 per cent in June.

Year-over-year housing price increases were reported in 9 of 11 major metropolitan markets in July, with the largest increases in Ottawa-Gatineau (12.1%), Halifax (11.1%), Montreal (9.3%), Toronto (8.1%) and Hamilton (7.5%). Compared to July 2019, housing prices were down in Edmonton (−2.6%) and Calgary (−1.9%).

 Source: Teranet-National Bank

 

 



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