Home prices reached a record high in July, rising 1.3% from the previous month, according to a real estate survey of repeat home sales. The Teranet-National Bank House Price Index, released Wednesday, showed prices have risen eight straight months in Canada. Overall prices are up 5.3% from a year earlier.
Prices rose 2.3% in Calgary, 1.7% in Toronto, 1% in Ottawa, 0.9% in Vancouver, 0.5% in Montreal, while declining 0.9% in Halifax. Five of the six metropolitan cities covered in the index hit record highs.
For Vancouver, July marked the 10th straight month of price increases, currently the longest run of any market, according to Teranet. Calgary’s index is still 8.8% down from its all-time high of August 2007, and down 0.9% from its pre-correction peak of 2010.
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