Home prices rose between April and May across Canada’s big cities, according to Teranet-National BankTM Composite House Price Index.
It was also the first time in 11 months that the Index saw an uptick in home prices after adjusting for seasonal effects – going up 0.6 per cent after 10 consecutive monthly declines.the turnaround has come due to a “rebound in the resale market over the past four months,” as well as record population growth, “which is accentuating the shortage of housing supply on the market.”
“However, the resumption of the monetary tightening cycle by the Bank of Canada in recent weeks and the expected slowdown in economic growth could moderate price growth later this year.”
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