Canada resale home prices rise in May: survey

Wed Jul 29, 2009 9:34pm EDT
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TORONTO (Reuters) - Repeat sale prices for Canadian homes climbed for the first time in nine months in May on gains in four of six metropolitan areas, a report on Wednesday showed.

The Teranet-National Bank National Composite House Price Index, which measures the rate of change of prices for single-family homes in six metropolitan areas, rose 0.7 percent in May, the first month-on-month rise since October.

Toronto led with a 2 percent rise in May from the month before, the index showed, followed by a 1.5 percent rise in Montreal. Prices in Halifax, Nova Scotia, saw a 1.3 percent increase, while Ottawa rose 0.7 percent in May.

According to the Teranet-National index, the trend of falling Western Canadian home prices extended into May for an eleventh straight month.

Prices in Calgary, Alberta, fell 2.2 percent in May from April, while those in Vancouver, British Columbia, fell 0.1 percent.

Still, the year-over-year national measure was lower for a sixth straight month in May, with prices down 6.9 percent, while prices were down 8.2 percent nationally from the peak hit in August last year.

The Teranet-National index tracks home prices over time for repeat sales, meaning properties with at least two sales are required in the calculations for this index. The index did not provide actual prices.

(Reporting by Ka Yan Ng; editing by Rob Wilson)