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June 17, 2021TERANET-NATIONAL BANK HOUSE PRICE INDEX, MAY 2021 
Halifax home prices as measured by the Teranet-National Bank House Price Index increased 4.3% month-over-month in May 2021. Home prices in Halifax were 29.9% higher when compared to a year earlier.
Looking at the 11-city composite on the Teranet-National Bank House Price Index, monthly resale home prices increased 2.8% month-over-month in May 2021. This was the largest monthly gain since the series began in 1999. The increase in home prices seen in May was consistent with the increase in the number of home sales over the last several months according to the Canadian Real Estate Association’s data.
Monthly home prices were up in all markets led by Ottawa-Gatineau (+4.9%) and Halifax (+4.3%). Calgary (+1.4%), Quebec City (+1.2%) and Edmonton (+1.2%) posted the lowest gains in May.
Nationally, resale home prices were up 13.7% in May from a year earlier. This was 10th consecutive acceleration and the highest year-over-year gain since July 2017. Halifax (+29.9%) posted the thirteenth consecutive month of double-digit gains year-over-year and led the 11 cities index.
Following Halifax, the highest year-over-year gains were recorded in Hamilton (+25.5%) and Ottawa-Gatineau (+22.8%) while slowest gain was recorded in Edmonton (+3.6%).
Comparing the Jan-May 2021 period with the same period in 2020, Halifax home prices have averaged 23.0% higher, posting the highest year-to-date gain among the composite indexes.
Nationally, home prices were up 11.2% in January-May 2021. After Halifax, Hamilton (+20.8%) and Ottawa-Gatineau (+20.0%) posted the highest gains while the smallest increase was in Calgary (+1.9%).
Source: Teranet-National Bank
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