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Teranet-National Bank House Prices See Second Strongest M/M Increase

CANADA DATA
  • The Teranet-National Bank house price index saw a “sharp” 2.4% M/M increase in July in seasonally adjusted terms.
  • Its the second-highest growth rate recorded in a single month (strongest was 3.1% in Jul’06), and follows 2.0% M/M in June.
  • The series corroborates the sharp increases seen in the existing home sales data, and helps close the gap to just 4% below the Apr’22 peak (for Teranet, -10% for existing home sales after a deeper decline).
  • The strong rebound in prices comes with supply struggling to rebound as activity closes with high interest rates.

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