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Home price index at record high in August

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Canadian home resale prices rose in August, their ninth consecutive monthly gain, taking the index to a record high, according to a report on Wednesday.

The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes in six metropolitan areas, showed overall prices were up 0.9 percent in August from July.

Overall prices were up 5.4 percent from a year earlier.

The index tracks home prices over time for repeat sales, so properties with at least two sales are required in the calculations. The report did not provide actual prices.

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