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June 17, 2020TERANET-NATIONAL BANK HOUSE PRICE INDEX, MAY 2020 During the COVID-19 pandemic, comparisons of year-to-date averages and sums do not show Nova Scotia’s rapidly-changing economic situation. The DailyStats will focus on year-over-year comparisons, comparing one month with the same month in the prior year. Where possible the DailyStats will make comparisons of seasonally adjusted data from the pre-COVID-19 period (January and February 2020) with the period during which COVID-19 measures were in place from March 2020 onwards.
Halifax home prices as measured by the Teranet-National Bank House Price Index increased 1.8 per cent from the previous month in May 2020. Home prices were up 10.5 per cent compared to May 2019.
Monthly resale home prices increased 1.1 per cent for the 11-city composite of the Teranet-National Bank House Price Index compared to April 2020. This level of increase was a rise equal to the average for May over the last 10 years. The largest monthly increases were reported in Ottawa-Gatineau (2.2%), Toronto (2.1%), Halifax (1.8%) and Hamilton (1.6%). The index for Vancouver was flat on the month while Calgary (−0.2%) and Victoria (−0.5%) reported declines from the previous month.
Teranet-National Bank noted that the underlying data used to compete the house price index has begun to reflect the slowdown in the housing market in response to the strict social distancing measures taken to limit the spread of COVID-19. In May 2020, the number of repeat sales used to derive indexes was down 22 per cent from a year earlier, the largest 12-month decrease since April 2013. The raw composite index for May after correction for seasonal fluctuations was up only 0.2 per cent on the month, a very marked slowing from the previous three months.
National year-over-year price growth increased to 6.0 per cent in May 2020, posting the tenth consecutive acceleration of the 12-month gain to its strongest since April 2018. Year-over-year price growth in Halifax accelerated to 10.5 per cent following a 9.5 per cent increase in April 2020.
Year-over-year housing price increases were reported in 8 of the 11 major metropolitan markets, with the largest increase in Ottawa-Gatineau (13.8%), Halifax (10.5%), Toronto (9.7%) Montreal (9.7%) and Hamilton (8.3%). Housing prices were down in Quebec City (−0.2%), Calgary (−1.3%) and Edmonton (−1.7%).
Source: Teranet-National Bank
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