Nov. 14, 2013 | Cody Stuart
Calgary Resale Price Growth Best in CanadaCalgary's resale housing market continues to post impressive numbers.
According to Teranet's National Bank National Composite House Price Index, repeat home sale price growth in Calgary was the best in the country in October, with prices increasing by 6.7 per cent over a year ago. Under the index, which tracks all dwellings that have been sold at least twice, Calgary was one of only four markets nationwide to post increases that exceeded the national average of 3.1 per cent. Along with Calgary, Hamilton (4.6 per cent), Toronto (4.1 per cent) and Quebec City (3.8 per cent) all posted increases exceeding the national average.
"Since the average October monthly gain over 15 years of index data collection has been 0.2 per cent, this October's slight rise suggests a market cooler than usual," said the Teranet report. "Moreover, prices rose in only three of the 11 markets. It was the fourth time in 15 years that October prices were up from the month before in no more than three markets."
Calgary was one of the three markets singled out, posting a monthover- month increase of 0.9 per cent, trailing only Vancouver's 1.1 per cent increase for the best in the country.
The Teranet–National Bank House Price Index is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas.