Canadian home price growth pauses in October -Teranet

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OTTAWA, Nov 17 (Businesshala) – Canadian home prices were flat in September through October, as a slowdown in housing sales weighed on them, although a limited supply of homes for sale could push fresh prices up, on Wednesday. data shown.

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The Terranet-National Bank Composite House Price Index, which tracks sales of single-family homes in 11 major Canadian markets, remained unchanged in October from the previous month. Price growth has been slow for the last five months.

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“The slowdown in price growth could be linked to a slowdown in housing sales in recent months,” Darren King, an economist at the National Bank of Canada, said in a statement.

“However, given the very limited supply of properties for sale, prices may start rising again in the coming months.”

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Seven of the 11 major markets were up in Hamilton, Ontario, with gains of 0.9%. Prices were flat in Winnipeg and fell in Montreal, Vancouver and Ottawa-Gatineau.

On an annualized basis, the index was up 15.8%, declining for the second consecutive month after recording record annual growth in August. Halifax led the annual index with a 30.3% gain, while Hamilton posted a 26.5% gain.

Canadian real estate agents on Monday reported higher home sales and prices in September through October, with hot buyer demand exceeding available supply. (Reporting by Julie Gordon; Editing by Dan Grebler)

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