Canada home price index growth slows pace in May – Teranet

FILE PHOTO: Construction workers build homes on a lot in Vaughan, Ontario

OTTAWA (Reuters) – The pace of Canadian home price growth slowed in May, edging off April’s record high, but prices still rose both on the month and on the year, index data showed on Friday.

The National Bank Composite House Price Index, which tracks repeat sales of single-family homes in major Canadian markets, showed prices were up 18.3% on the year in May, slowing from 18.8% in April.

All 11 major markets gained, with Halifax, Nova Scotia leading the way, up 34.0% year-over-year, followed by Hamilton, Ontario, up 27.9%.

On a monthly basis, the index was up 2.3% in May, with 10 of 11 major markets posting gains. The Capital region of Ottawa-Gatineau led, up 3.8%, with Halifax up 3.6%. Prices in Edmonton, Alberta bucked the trend, declining 1.3% on the month.

(Reporting by Julie Gordon in Ottawa; Editing by Alexandra Hudson)