October 12, 2018 / 12:42 PM / in 5 days

Canada home prices flat in Sept, up 2.1 percent on year: Teranet

TORONTO (Reuters) - Canadian home prices were unchanged in September from August as the number of areas across the country posting price gains declined, data showed on Friday.

FILE PHOTO: Construction equipment is parked at the bottom of a pit on the site of a new condominium complex off Redpath Avenue in Toronto, Ontario, Canada April 1, 2017. REUTERS/Chris Helgren/File Photo

The flat monthly reading for the Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, matched the historical average for September since 2010, Teranet said.

The year-over-year increase picked up to 2.1 percent, helped by a decline in September 2017, Teranet said. That follows a 1.4 percent gain in August, which was the smallest gain since November 2009.

Prices rose on a monthly basis in five of the 11 metropolitan markets surveyed, the weakest spread of gains in six months, Teranet said.

Home prices in Toronto, Canada’s largest city, fell 0.1 percent, while prices in Vancouver were flat, Teranet said.

Reporting by Fergal Smith; Editing by Leslie Adler

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