Financial News

Home prices in small cities outside Toronto have skyrocketed by up to 30% from year ago

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Costs total for single-family properties up 12% from yr earlier than

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OTTAWA — Canadian house costs accelerated sharply in April from March, as indexes rose in all 11 main markets for the second consecutive month, information confirmed on Wednesday.

The Teranet-Nationwide Financial institution Composite Home Worth Index, which tracks repeat gross sales of single-family properties, rose 2.4 per cent in April from March. That was a marked enhance from the acquire of 1.5 per cent within the earlier month.

On an annual foundation, the Teranet index was up 11.9 per cent from a yr earlier, the strongest 12-month acquire since August 2017. Halifax, Nova Scotia, led the year-over-year positive aspects, at 26.8 per cent, adopted by Hamilton, Ontario, at 22.9 per cent and the nationwide capital area of Ottawa-Gatineau at 19.5 per cent.

Housing value positive aspects in smaller cities outdoors Toronto and its fast suburbs once more outpaced the most important city facilities, with cities like Barrie, Guelph and Kitchener posting annual positive aspects within the vary of 23.8 per cent to 27.9 per cent.

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On a month-over-month foundation, costs rose 5.4 per cent in Halifax and three.0 per cent in Toronto, with Victoria, British Columbia, Ottawa-Gatineau and Hamilton all up 2.8 per cent. Positive aspects within the different main markets ranged from 0.4 per cent to 2.0 per cent.

In contrast, information earlier this week from Canada’s realtors confirmed costs and gross sales dropped in April in contrast with March, as a number of the frenzy of latest months started to subside. Housing begins additionally fell in April.

© Thomson Reuters 2021

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