House prices rise in March: Teranet Index


Prices were up 0.6% over February and were up 4.1% over the average for the previous 12 months. That was the first time in nine months for a yearly price gain.

Month-over-month prices were up 1.2% in Montreal, 0.6% in Toronto and Vancouver, 0.4% in Ottawa and 0.3% in Halifax. They were down 0.1 in Calgary.

Also this week, the Organization for Economic Co-operation and Development's Economic (OECD) Outlook predicted Canada's GDP growth of 3.1% in 2010 will remain fairly stable, dropping slightly to 3.0% in 2011 and then 2.9% in 2012.

Canada's house prices may start to fall backwards if the global and national economies falter, however, according to the international economic report.

Globally, the OECD's Deputy Secretary-General Pier Carlo Padoan said global economic risks include further slowing in China's economy, increases in commodity prices - which could feed core inflation - and struggling economic recoveries in the U.S. and Japan, which could be exacerbated by renewed weakness in both countries' housing markets.

"A concern is that, if downside risks interact, their cumulative impact could weaken the recovery significantly, possibly triggering stagflationary developments in some advanced economies," Padoan said. "All this suggests that the global crisis may not be over yet."

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