Home prices posted the second-highest increase ever recorded in a single month after the one observed in July 2006, according to the latest Teranet-National Bank composite index.
The index for July was up 2.4 per cent from June, after seasonal adjustments, and marked the fourth consecutive monthly rise.
After declining from a peak in April 2022 as the higher rate environment sidelined some buyers, recent rises in the home price composite index have erased some of this correction, the report said.
“The deep declines that we saw through 2022 are largely being unwound,” said Douglas Porter, the Bank of Montreal’s chief economist.
The Teranet-National Bank index tends to lag other housing market measures in part because it’s more detailed, he noted.
Other measures are starting to show some softening in the market over the summer, and Porter thinks that softening will begin to show