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Home prices see weakest August increase in 12 years

homeforsale
Tags: Real Estate
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Home prices rose just 0.2 percent in August from July, the smallest increase for the month of August in 12 years, according to the Teranet-National Bank National Composite House Price Index.

Prices declined in three of the 11 metropolitan housing markets that were surveyed. In Vancouver they dropped 1.2 percent, in Victoria 0.7 percent, and in Quebec City 0.6 percent.

The other cities saw small price gains. Prices in Hamilton rose two percent, in Ottawa 0.8 percent, in Toronto and Edmonton 0.7 percent, in Halifax 0.5 percent, in Calgary and Winnipeg 0.4 percent, and in Montreal 0.1 percent.

Data suggests that Victoria and Vancouver are buyers' markets, while Winnipeg, Hamilton and Calgary are sellers' markets, according to Wednesday's release.

The house price index was up 4.1 percent from a year ago.

The data on prices come days after the Canadian Real Estate Association said that sales over the Multiple Listing Service system fell 5.8 percent in August from July, the largest month-over-month decline in two years.

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