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Canadian house prices may be up for the second month in a row, but a key report warns that “there have clearly been corrections” in some markets.

The Teranet-National Bank house price index rose in February by 0.1 per cent from January, but prices were actually up in just three of the 11 markets tracked in the report released Thursday.

Prices rose 1.5 per cent in Vancouver, 0.5 per cent in Victoria and 0.3 per cent in Hamilton. And that’s where it ends.

The index showed losses of 0.1 per cent in Toronto and Quebec City, 0.3 per cent in Calgary and Montreal, 0.6 per cent in Halifax, 0.8 per cent in Edmonton, 1 per cent in Winnipeg and 2.1 per cent in the Ottawa regions.

“In some markets there have clearly been corrections in progress,” said senior economist Marc Pinsonneault of National Bank.

“The monthly retreat in Calgary was the fourth in a row, for a cumulative decline of 2.3 per cent,” he added.

“In Winnipeg it was the fourt in five months, for a cumulative decline of 3 per cent. East of Toronto the corrections have tended to be larger. For Ottawa-Gatineau it was the fifth retreat in six months, total decline 5.2 per cent, for Montreal the sixth in seven months, total decline 5 per cent, for Halifax the fourth in five months, total decline 5.5 per cent. Quebec City prices fell for a fourth straight month, total decline 2.9 per cent.”

On an annual basis, the index rose 4.4 per cent from a year earlier.

But that, the group said, marked the fourth month in a row of slower gains.

The annual tally for those that gained: Hamilton at 8 per cent, Toronto at 7.3 per cent,
Vancouver at 5.7 per cent, Calgary at 5.6 per cent, Edmonton 4.7, Victoria at 4 per cent and Halifax at 0.8 per cent.

The losers: Winnipeg, down 1 per cent, the Ottawa region down 1.2 per cent, and Montreal down 2.4 per cent.

Prices in Quebec City were little changed.

The troubles in Calgary and Edmonton had, of course, been expected.

“These trends are expected to continue, with commodity-driven markets (including St. John’s) likely to experience price corrections of up to 10 per cent peak to trough through the year,” said economic analyst Admir Kolaj of Toronto-Dominion Bank.

“Elsewhere, economic conditions are expected to remain more favourable for housing activity due to a rising U.S. economy, a low Canadian dollar and lower-for-longer interest rates. That said, the impact of lower rates on the housing market is likely to be modest due to a lack of pentup demand and deteriorating affordability in a few major markets. Meanwhile, an increasing trend in listings is likely to keep home price growth in check for most major markets.”

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

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Serenity Townhomes by Polygon

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The Hub by Liberty Homes

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Verdant by VanCity Enterprises

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Origin by Porte Development

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Nest by Mosaic

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Highland House by Liberty Homes

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Lift by Porte Development

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Altitude by Hungerford Group

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CentreBlock by Liberty Homes

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