The Teranet-National Bank Home Price Index revealed that May’s monthly increase was the largest recorded in the index’s 22 years of reporting, which started in 1999.
The Teranet-National Bank Home Price Index is compiled using a repeat sales by tracking the price change between the two most recent sales of the same property.
All markets included in the index saw significant annual price increases, with Halifax, Hamilton and Ottawa-Gatineau leading the way with 20-percent-plus gains. Montreal, Victoria and Toronto all were above or matched the national average increase of 13.7 percent.
The Teranet-National Bank Home Price Index accesses data in Canada of public land registries, which is typically slower than MLS as this type of data is not entered in as quickly.