October 28, 2009 / 2:01 PM / in 8 years

Resale home prices rise in August: survey

TORONTO (Reuters) - Canadian home resale prices rose for a fourth straight month in August and there were gains in all six major metropolitan areas surveyed, according to a report on Wednesday.

The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes, showed overall prices were up 2.0 percent on the month.

Gains were led by Toronto with a 2.7 percent increase, the fourth consecutive rise of 2 percent or more for the region. Calgary came second with a 2.0 percent rise.

It was the second month in a row in which prices were up from the month before in all six of the metropolitan markets represented in the index -- Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax.

“This turnaround is consistent with an improvement in market conditions in the first half of 2009. More homes have been selling and fewer have been coming on the market,” said Marc Pinsonneault, senior economist at National Bank Financial.

In Montreal, Halifax and Ottawa, August prices were above the pre-recession peak, the report said.

Teranet’s year-over-year national measure showed prices were down 3.4 percent.

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

Reporting by Jennifer Kwan; editing by Janet Guttsman

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