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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

September 18, 2020
TERANET-NATIONAL BANK HOUSE PRICE INDEX, AUGUST 2020

In August 2020, Halifax home prices as measured by the Teranet-National Bank House Price Index increased 1.8 per cent from the previous months. Compared to a year earlier, home prices were up 11.1 per cent in Halifax.

Looking at the 11-city composite of the Teranet-National Bank House Price Index, monthly resale home prices increased 0.6 per cent month-over-month in August. This rate of monthly growth was slightly lower compared to the 22-year average of 0.7 per cent growth for August.

Monthly home prices were up in 10 of the 11 markets, led by the gains recorded in Victoria (+2.3%), Ottawa-Gatineau (+2.2%), Montreal (+1.9%) and Halifax (+1.8%). The index for Calgary was flat from the previous month.

Teranet-National Bank noted that the increase in August was consistent with the sharp rebound seen in the home resale market reflecting the pent-up demand. The number of home sales reported by the Canadian Real Estate Association increased in June after large declines seen in previous months due to COVID-19.

Nationally, house prices increased 5.7 per cent year-over-year in August, following a 5.5 per cent gain recorded in the previous month. Halifax (+11.1%) recorded the second largest annual gain among the 11-city composite index, just behind Ottawa-Gatineau (+12.6%). Compared to August 2019, home prices were down in Edmonton (-2.4%) and Calgary (-2.5%).

Source: Teranet-National Bank



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