Teranet House Price Index - August 2010

OCTOBER 2010

Monthly price rise of 0.2% in August Canadian home prices in August were up 10.4% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the smallest 12-month gain in six months. The metropolitan markets showing a similar deceleration included Toronto and Vancouver, though their price increases from a year earlier were still in the neighbourhood of 12%. For Ottawa, the market where prices have risen most in the last six months, the 12-month increase was 10.7%. In the other three markets the 12-month gains were more modest: 7.7% in Montreal, 6.8% in Halifax, 5.0% in Calgary. Teranet – National Bank National Composite House Price Index™ Contact Us For general enquiries: info@housepriceindex.ca For licenses covering all index-linked products, please contact: Simon Côté 514 879-5379 Website www.housepriceindex.ca

For a second consecutive month, prices did not rise from the month before in all six markets. The Calgary index was down 0.5% from June and the Vancouver index 0.4%. For Vancouver it was the second monthly decline in a row. In Toronto the monthly rise was 0.4%, the smallest in five months. In Montreal it was 0.5%, in Halifax 0.9% and in Ottawa 1.4%. For the composite index as a whole the monthly increase in August was 0.2%, the smallest since the index began climbing 16 months ago. The uninterrupted string of 16 monthly gains exceeds the 14-month run of August 2005 through September 2006. Teranet – National Bank House Price Index™ The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca. Metropolitan area Index level August 2010 % change m/m % change y/y Calgary 160.40 -0.5 % 5.0 % Halifax 131.19 0.9 % 6.8 % Montreal 136.10 0.5 % 7.7 % Ottawa 133.32 1.4 % 10.7 % Toronto 128.00 0.4 % 12.5 % Vancouver 155.37 -0.4 % 11.8 % National Composite 139.43 0.2 % 10.4 % The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at www.housepriceindex.ca The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census1, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion. All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005. By: Marc Pinsonneault Senior Economist Economy & Strategy Group National Bank Financial Group Teranet - National Bank House Price Index™ thanks the author for their special collaboration on this report. 1 Value of Dwelling for the Owner-occupied Non-farm, Non-reserve Private Dwellings of Canada.

Teranet House Price Index - May 2010

NEWSLETTER - JULY 28, 2010 Click here to view the BlackBerry format Click here to launch the newsletter in your browser Cliquez ici pour la version française Monthly Report

JULY 2010

Monthly price rise of 1.3% in May Canadian home prices in May were up 13.6% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. The 12-month gain was strongly influenced by Vancouver, up 17.1%, and Toronto, up 16.0%. In the other four markets surveyed, the 12-month rise ranged from 5.6% in Halifax to 11.4% in Ottawa. In Calgary it was 7.8% and in Montreal 8.5%. May was the second consecutive month in which prices were up from the month before in all six metropolitan areas surveyed. The monthly rise of the composite index, 1.3%, was the largest since last September. The monthly rise was 2.3% in Ottawa, 1.8% in Montreal (the largest gain in this market since June 2007), 1.2% in Vancouver and Calgary, 1.1% in Toronto and 0.7% in Halifax. Teranet – National Bank National Composite House Price Index™ Contact Us For general enquiries: info@housepriceindex.ca For licenses covering all index-linked products, please contact: Simon Côté 514 879-5379 Website www.housepriceindex.ca

Since market conditions have been loosening across Canada - from April to June of this year, the number of existing homes sold declined much faster than the number of new listings - it is too early to conclude that the relatively vigorous prices rises of April and May mark the beginning of a trend. The prospect of harmonized sales taxes coming into effect July 1 in Ontario and B.C. may have had the effect of pushing up sales in Vancouver, Toronto and Ottawa in the preceding months. Teranet – National Bank House Price Index™ The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca. Metropolitan area Index level May 2010 % change m/m % change y/y Calgary 160.21 1.2 % 7.8 % Halifax 128.16 0.7 % 5.6 % Montreal 133.02 1.8 % 8.5 % Ottawa 126.22 2.3 % 11.4 % Toronto 123.03 1.1 % 16.0 % Vancouver 155.23 1.2 % 17.1 % National Composite 136.32 1.3 % 13.6 % The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at www.housepriceindex.ca The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census1, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion. All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005. By: Marc Pinsonneault Senior Economist Economy & Strategy National Bank Financial Group

January 2010 Teranet House Price Index

MARCH 2010

The smallest monthly increase since prices began rising Canadian home prices in January were up 7.5% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. January was the fourth consecutive month in which prices were up from a year earlier, after 10 consecutive months of 12-month deflation. The turnaround is due to nine straight monthly increases in the countrywide index. However, January's 0.5% monthly gain was the smallest so far. Teranet – National Bank National Composite House Price Index™ Contact Us For general enquiries: info@housepriceindex.ca For licenses covering all index-linked products, please contact: Simon Côté 514 879-5379 Website www.housepriceindex.ca

For the first time in nine months, none of the six metropolitan markets surveyed showed a monthly increase of as much as 1%. The rise was 0.9% in Vancouver, 0.7% in Toronto, 0.6% in Halifax, 0.4% in Montreal and 0.3% in Ottawa. In Calgary prices declined 0.5%. Prices are now down 9.7% from the previous peak in Calgary and 0.2% in Vancouver. The other four markets passed their pre-recession peaks between May and October last year. The index is now up 9.0% from its April 2009 bottom. This steep rise has been led by Vancouver (up 11.7% from May 2009) and Toronto (11.0% from April 2009). In other markets the increases have been more modest: Calgary 6.7% since June, Ottawa 6.5% since last April, Montreal 3.6% since February 2009, Halifax 1.5% since February 2009. The 12-month appreciation was 9.4% in Toronto, 8.9% in Vancouver, 8.1% in Ottawa, 5.3% in Montreal, 4.6% in Halifax and 1.9% in Calgary. Teranet – National Bank House Price Index™ The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca. Metropolitan area Index level January 2010 % change m/m % change y/y From trough Trough Date Calgary 158.27 -0.5 % 1.9 % 6.7% June 2009 Halifax 122.98 0.6 % 4.6 % 1.5% February 2009 Montreal 128.48 0.4 % 5.3 % 3.6% February 2009 Ottawa 123.17 0.3 % 8.1 % 6.5% April 2009 Toronto 120.44 0.7 % 9.4 % 11.0% April 2009 Vancouver 150.39 0.9 % 8.9 % 11.7% May 2009 National Composite 132.86 0.5 % 7.5 % 9.0% April 2009 The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at www.housepriceindex.ca The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census1, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion. All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005. By: Marc Pinsonneault Senior Economist Economy & Strategy Group National Bank Financial Group Teranet - National Bank House Price Index™ thanks the author for their special collaboration on this report. 1 Value of Dwelling for the Owner-occupied Non-farm, Non-reserve Private Dwellings of Canada.

October 2009 Teranet House Price Index

DECEMBER 2009

Slower monthly price rises in three out of six markets Canadian home prices in October were up 0.6% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the first 12-month rise in almost a year. The reason for this turnaround after 10 consecutive months of 12-month deflation is that October was the sixth straight month in which the composite index was up from the month before. The monthly gain of 1.3% was the same as in September. Prices have now risen 1% or more for five months in a row. In October, however, the monthly rise varied significantly among the six metropolitan markets surveyed. Teranet – National Bank National Composite House Price Index™ Contact Us For general enquiries: info@housepriceindex.ca For licenses covering all index-linked products, please contact: Simon Côté 514 879-5379 Website www.housepriceindex.ca

In only two of the six were prices up more than 1% from the month before - Toronto, 1.6%, and Vancouver, 1.8%. The Calgary gain of 0.8% remained vigorous. But in the other three markets the rise was much more modest: Halifax 0.4%, Ottawa 0.3%, and Montreal 0.3%. In each of these three cities the monthly appreciation was the smallest since market bottom (except for one monthly decline each in Montreal and Halifax). Toronto is now the fourth market to top its pre-recession summit (August 2008). Toronto prices fell 11.3% over the eight months from that peak through last April and then climbed 12.9% (an annual rate of 27.4%) over the six months to October, recovering the lost ground and a bit more. In Vancouver, October prices were still down 4.1% from the peak of June 2008. In Calgary, they were down 11.3% from the peak of August 2007. These two cities were also the only markets still showing 12-month deflation - 3.6% in Calgary, 2.2% in Vancouver. Twelve-month inflation was 3.4% in Montreal, 3.1% in Halifax, 3.1% in Ottawa and 2.3% in Toronto. Teranet – National Bank House Price Index™ The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca. Metropolitan area Index level October 2009 % change m/m % change y/y Calgary 155.54 0.8 % -3.6 % Halifax 124.02 0.4 % 3.1 % Montreal 126.43 0.3 % 3.4 % Ottawa 121.88 0.3 % 3.1 % Toronto 117.43 1.6 % 2.3 % Vancouver 144.47 1.8 % -2.2 % National Composite 129.52 1.3 % 0.6 % The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at www.housepriceindex.ca The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census1, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion. All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005. By: Marc Pinsonneault Senior Economist Economy & Strategy Team National Bank Financial Group Teranet - National Bank House Price Index™ thanks the author for their special collaboration on this report. 1 Value of Dwelling for the Owner-occupied Non-farm, Non-reserve Private Dwellings of Canada.