Finance

Canadian home price growth slows to near standstill in September

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An condominium constructing is lit by the daybreak solar in Toronto, Ontario, Canada April 23, 2020. Image taken April 23, 2020. REUTERS/Chris Helgren

TORONTO, Oct 20 (Reuters) – Canadian residence costs barely rose in September from August as a current slowdown in housing gross sales weighed, information confirmed on Wednesday.

The Teranet-Nationwide Financial institution Composite Home Value Index, which tracks repeat gross sales of single-family properties in 11 main Canadian markets, rose 0.1% in September from August, marking the fourth consecutive month by which the month-to-month value improve was decrease than the earlier month.

“The slowdown in value development may be linked to the slowdown in housing gross sales reported in current months by the Canadian Actual Property Affiliation,” Daren King, an economist at Nationwide Financial institution of Canada, stated in an announcement.

Eight of the 11 main markets rose, led by a 1% acquire for Winnipeg, whereas costs had been secure in Montreal and fell in Vancouver in addition to in Ottawa-Gatineau. It was the primary time in seven months that good points weren’t seen in all 11 areas.

On an annual foundation, the index was up 17.3%, decelerating after it notched report annual development in August. It was paced by a 31.7% acquire in Halifax and a 28.0% acquire in Hamilton.

Reporting by Fergal Smith; Modifying by Steve Orlofsky

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