TORONTO — The Hamilton, Toronto, Victoria and Vancouver markets helped push Canadian home prices higher last month, resulting in the largest March rise in a decade, according to a new report.
The Teranet-National Bank national composite house price index gained 0.9 per cent for the month.
Compared with a year ago, the composite index was up 13.5 per cent, the largest 12-month rise since November 2006.
The Teranet house price index registered its fastest growth in more than a decade in March, but a number of Canadian housing markets saw falling prices last month. (Photo: The Canadian Press)
Toronto climbed a record 24.8 per cent, while Hamilton increased 21.5 per cent, also a record. Victoria gained 18.0 per cent, while Vancouver added 12.2 per cent.
Hamilton and Toronto posted record gains for the month as they increased 2.1 per cent and 1.8 per cent respectively. Victoria climbed 1.0 per cent and Vancouver added 0.9 per cent.
However, five of the 11 markets tracked showed a monthly drop in the index. Ottawa-Gatineau, Calgary, Halifax, Edmonton and Quebec City all took a step back.