Teranet National House Price Index - March 2022

YEAR-OVER-YEAR

The Teranet–National Bank National Composite House Price IndexTM, covering eleven CMAs around the country, reported a 18.4% annual gain in March, matching the record growth seen in August 2021. Halifax, Hamilton, and Victoria reported the highest year-over-year gains among the 11 CMAs in February. Halifax, Hamilton, Victoria and Toronto recorded the largest year-over-year increases among the eleven CMAs in March. Halifax led the way with a 34.7% year-over-year price increase, followed by Hamilton with a 28.5% gain, Victoria with a 22.8% increase and Toronto with a 22.3% increase. As for the other 20 CMAs not included in the composite index, positive annual gains were observed in each of them, ranging from 28.0% in Lethbridge to 37.5% in Abbotsford-Mission.

MONTH-OVER-MONTH

Before seasonal adjustment, the Teranet–National Bank National Composite House Price Index^TM increased 2.1% from February to March, up from the 1.5% growth observed last month.

After seasonal adjustment, the Teranet–National Bank National Composite House Price Index^TM increased 2.0% from February to March, the second-highest monthly increase on record after the May 2021 increase of 2.2%. In March, 10 of the 11 CMAs included in the index experienced increases, with Quebec City being the exception. Home price growth was the strongest during the month in Halifax, Hamilton, and Toronto, with gains of 5.4%, 3.3% and 2.7% respectively. For the other CMAs not included in the composite index, growth was observed in 19 of the 20 CMAs, with Trois-Rivières being the sole exception. The strongest monthly growth was observed in Guelph (+5.1%), Oshawa (+4.6%), Peterborough (+4.1%) and Abbotsford-Mission (+4.0%).