Compared to the previous month, prices were up 1.3% in May to reach a new index high of 142.27, marking the sixth consecutive monthly rise. Year-over-year, the price index was up 4.4% nationally.
However, the Teranet report noted it’s possible the increases in April and May had more to do with front-loading of sales to beat the March deadline for shortening of the maximum amortization period for insured mortgages.
“This front-loading was very perceptible in Vancouver, incidentally the market with the fastest price index growth from March to May,” said the report’s author and senior economist at National Bank Financial Group, Marc Pinsonneault.
Vancouver’s price index, the highest at 164.92, was up 6.2% since the same time last year, just behind Montreal, which was up 6.3% to reach 141.36.
All indices in the Teranet survey have a base value of 100 in June 2005.
Of the six metropolitan areas surveyed, only Calgary saw a decrease from last year, down 4.1% to reach 153.72, although the city was up 0.6% compared to April 2011.
Toronto has the lowest index level, at 128.72, which was up 1.7% from a month earlier, and 4.6% from last year.
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