Canadian house prices rise in December, driven by 1.3% increase in Vancouver

By zaymalz malz

According to the Teranet-National Bank Composite House Price Index, providing data on changes in repeat sales of homes, Canadian house prices rose 0.2% during December.

The increase in house prices last month follows a decline for the three consecutive months prior to December.

See also:

However, although national house prices did rise according to the index, this was only actually evident in 5 of the 11 cities surveyed, largely driven by a 1.3% rise in Vancouver, continuing to live up to its name as Canada’s most expensive housing market.

Vancouver’s house prices have risen rapidly since the city introduced a 15% foreign buyers tax in 2016, driven by an ever-increasing demand for high-rise condo apartments.

On the other hand, Toronto saw a fifth straight month of falling house prices, dropping a further 0.3% throughout December.

Although Canadian house prices did increase during December, the 0.2% is a relatively small increase compared to the 9.2% national rise throughout 2017.

As a result of the high rise in house prices, the Bank of Canada raised interest rates twice last year, with further hikes expected in the near future.


Featured Articles

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital