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Housing prices post first gain in eight months
OTTAWA — Canadian housing prices rose in May by 0.7 per cent — the first time since October that they didn`t decline month-over-month, according to a national index released Wednesday.
However, May`s increase was not enough to stop the downward trend in year-over-year prices. The Teranet-National Bank home price index fell 6.9 per cent compared to May, 2008, the sixth straight 12-month decline, and a jump from the 6.7 per cent year-over-year drop posted in April.
The index is now down 8.9 per cent from its peak in August, 2008, said Marc Pinsonneault, senior economist with the National Bank Financial Group.
"This series is not seasonally adjusted (due to the short data span), but a quick back-of-the-envelope calculation suggests that prices may have risen by a more modest 0.2 per cent month-over-month if historical patterns were to be considered," cautioned senior TD Securities economist Millan Mulraine in a note, though he saw some reason for optimism.
read full article here
OTTAWA — Canadian housing prices rose in May by 0.7 per cent — the first time since October that they didn`t decline month-over-month, according to a national index released Wednesday.
However, May`s increase was not enough to stop the downward trend in year-over-year prices. The Teranet-National Bank home price index fell 6.9 per cent compared to May, 2008, the sixth straight 12-month decline, and a jump from the 6.7 per cent year-over-year drop posted in April.
The index is now down 8.9 per cent from its peak in August, 2008, said Marc Pinsonneault, senior economist with the National Bank Financial Group.
"This series is not seasonally adjusted (due to the short data span), but a quick back-of-the-envelope calculation suggests that prices may have risen by a more modest 0.2 per cent month-over-month if historical patterns were to be considered," cautioned senior TD Securities economist Millan Mulraine in a note, though he saw some reason for optimism.
read full article here