Figures released Monday by National Bank of Canada indicated Canadian home prices rose 2% in July from the month before, driven by the strongest real estate markets. But the Teranet-National House Price Index showed homes other than condos saw their sale prices decrease.
Prices overall were up 14.2% from a year ago, the same as the 12-month gain recorded in June, but the month-to-month increase in July fell from 2.6% in June to 2% in July.
Teranet also said the unsmoothed sub-index for homes other than condos in Toronto declined 1.6% last month.
One National Bank economist said the recent "loosening of the Toronto home resale market was clearly felt" in this sub-index. Analysts credit Ontario's introduction of a package of measures in April, including a foreign buyers tax, aimed at cooling the Greater Toronto Area's housing market.
The Vancouver and Victoria resale markets, meanwhile, are still rebounding on a monthly basis from a cooling period seen in late 2016, brought on the last year's introduction of a foreign buyers tax in British Columbia. Both cities saw prices rise 2.8% in July, compared to increases of 2.5% for Vancouver and 2.2% for Victoria recorded in June.
Among other markets included in the national composite, monthly index increases for July brought a 2.1% increase in Hamilton, 2% in Ottawa-Gatineau and Montreal, showing a 1.6% surge.
Monthly increases were close to the norm in Winnipeg (0.7%), Edmonton (0.6%), Calgary and Quebec City (0.4& each). The Halifax index was down 1.1% on the month.
