Calgary and Edmonton housing markets are headed in opposite directions, according to a new real estate survey released on Tuesday.
The monthly Teranet-National Bank National Composite House Price Index, which monitors repeat home sales, showed that prices in Edmonton in July were on the rise while they fell in Calgary.
Prices in the capital city were up 0.66 per cent from June and by 0.31 per cent from July 2017.
In Calgary, prices dipped by 0.02 per cent month over month and by 0.11 per cent year over year.
The report said prices in Edmonton remain down 3.11 per cent from their peak in September 2007. In Calgary, they’re off by 3.47 per cent from their peak in October 2014.
The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation.
Nationally, the index, which looked at 11 major Canadian centres, rose by 0.78 per cent from June and by 1.75 per cent from a year ago, to reach its all-time high.
Prices were up in 10 of the 11 metropolitan markets surveyed with the exception of Calgary.
The year-over-year rise in the index was the smallest 12-month rise since July 2013 and a 13th consecutive deceleration from the record gain of 14.2 per cent during the year ending June 2017, said the report, adding that the main contributor to the slowdown was Toronto, the country’s largest metropolitan market, which was down four per cent year-over-year.
The index is an independently developed representation of average home price changes in Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montréal, Québec City, Halifax. The index is the weighted average of the 11 regions, based on Statistics Canada data.
Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.
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