OTTAWA — Canadian home prices rose in July, led by the Quebec City and Ottawa-Gatineau markets, though it was the smallest July advance in 15 years, data showed on Thursday, confirming the slowing of the housing market in the wake of the COVID-19 pandemic.
The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed prices were up 0.3 per cent in July from June.
If the index was corrected for seasonal pressures, there would have been a decline of 0.3 per cent in July, the second consecutive monthly decline, said Marc Pinsonneault, a senior economist at the National Bank of Canada.
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Prices rose in nine of the 11 metropolitan areas in the index, with the Quebec City region up 1.4 per cent and the government hub of Ottawa-Gatineau gaining 1.2 per cent. The index was flat for Vancouver and slipped 0.3 per cent in Victoria.
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Compared with the same month a year ago, the index climbed by 5.5 per cent, the second consecutive month of year-over-year deceleration, said Pinsonneault.
The number of repeat sales used to derive indexes fell 20 per cent year-over-year, reflecting a decline in home sales due to physical distancing measures to stem the spread of COVID-19.
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