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.
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.
“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.”
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)