House prices in Canada stand 6.6 per cent above their pre-recession peak, but growth is slowing, a fresh measure shows.
Home prices rose 0.2 per cent in August from a month earlier, according to the Teranet-National Bank National Composite House Price Index, though results differed from city to city. Prices rose in Toronto, Montreal, Halifax and Ottawa, but dipped in Calgary and Vancouver.
“August’s rise in the composite index is the weakest over a string of 16 consecutive monthly gains that began in May 2009,” said NationalBank
senior economist Marc Pinsonneault.
“Looking ahead, prices are likely to fluctuate without tendency over the next few years. At the national level, current market conditions, close to the boundary between balanced market and buyers’ market … herald a deceleration in home price inflation.”
from todays Globe and Mail.
The important thing I noticed was the statement that, …” prices are likely to fluctuate without tendency over the next few years”. So don’t count on the price of real estate to necessarily rise!
