Canadian home prices rise in September as housing market firms, according to Teranet data

Canadian home prices posted across-the-board monthly gains in September, led by the Ottawa-Gatineau and Quebec City markets, for the second-strongest September on record, data showed on Tuesday.

The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed prices rose 1.1 per cent in September from August.

In addition to the 11 major markets included in the index, Teranet also tracks 20 other cities across the country. All 31 posted gains for the month, the first across-the-board monthly gain since tracking of the current bundle began in 2009.

Prices were up 2.3 per cent in the capital region of Ottawa-Gatineau and 2.2 per cent in Quebec City, with Montreal and Hamilton both up 1.9 per cent in September from August.

On a year-over-year basis, the index was up 6.7 per cent in September, rising at a faster pace than the previous month. The 12-month gain was also lead by Ottawa-Gatineau, up 14.3 per cent, followed by Halifax at 12.2 per cent.

Calgary prices were down 2.6 per cent on the year, while Edmonton prices were 0.8 per cent lower.

Price gains in Hamilton and in six of the seven other Golden Horseshoe cities around Toronto were higher than in the Greater Toronto Area itself, reinforcing the view that many urbanites are fleeing to satellite cities for more space amid the coronavirus pandemic.