Canada saw several data releases this week that all pointed to continued strength in the housing market. Home price gains gained 1.5% in February, with price increases in nine of the 11 major markets, according to the Teranet-National Bank Composite House Price Index. The data tracks repeat sales of single-family homes in major Canadian markets, showing a gain of 1.3% in January.
The index also showed price gains in home prices rising 17.7% in February from a year ago, versus a 16.6% gain in January and edging closer to the August 2021 record of 18.4%.
Meanwhile, housing starts rose 8% in February, helped by gains in multiple urban starts and single detached urban starts, according to Canada Mortgage and Housing Corporation.
The price of the average Canadian home hit $816,720 in February, its highest level on record, according to the Canadian Real Estate Association. There were approximately 58,000 homes sold during the month, as well as a surge in new listings in the latter half of the month. New home prices grew 1.1% in February, with price increases in 18 of the 27 census metropolitan areas surveyed. On an annual basis, new home prices advanced 10.9%, according to Statistics Canada.
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