Teranet National House Price Index - May 2022

YEAR-OVER-YEAR

The Teranet–National Bank National Composite House Price Index^TM, covering eleven CMAs around the country, recorded an annual gain of 18.3% in May, less than the record 18.8% increase recorded the previous month. Gains were seen in all eleven cities in the composite index in May, with Halifax, Hamilton and Victoria recording the largest year-over-year increases. Halifax led the way with a 34.0% year-over-year price increase, followed by Hamilton with a 27.9% gain and Victoria with a 23.0% increase. As for the other 20 CMAs not included in the composite index, positive annual gains were observed in each of them, ranging from 6.4% in Lethbridge to 34.6% in Abbotsford-Mission.

MONTH-OVER-MONTH

Before seasonal adjustment, the Teranet–National Bank National Composite House Price Index^TM rose 2.3% from April to May, down from the 2.7% growth seen last month.

After seasonal adjustment, the Teranet–National Bank National Composite House Price Index^TM rose by 1.6% from April to May, a slower increase than the 2.0% recorded the previous month. In May, 10 of the 11 CMAs included in the index experienced increases, with Edmonton being the exception (-1.5%). House price growth was the strongest during the month in Halifax and Montreal, with gains of 2.8% and 2.6% respectively. For the other CMAs not included in the composite index, growth was observed in 19 of the 20 CMAs, with Thunder Bay being the exception (-1.1%). The strongest monthly gains were observed in Sherbrooke (+6.0%), Brantford (+5.0%), Peterborough (+3.9%) and Sudbury (+3.9%).