House prices in Canada rise sharply in March

Canada's Teranet-National Bank Composite House Price Index for single-family homes rose 1.5% in March, data showed today, with prices up 3.3% in Halifax, 2.8% in Hamilton and 1.9% in Toronto, in addition to gains in other major centers.

It ranged from 0.9% to 1.5%. On an annual basis, the index rose by 10.8% in the twelve months to March, the eighth consecutive monthly acceleration and the strongest annual gain since September 2017.Halifax led annual gains, up 22.5% from March 2020, followed by Hamilton by 20.9% and Ottawa Gatineau by 19.0%.

The Canadian Real Estate Association said that the median home price in Canada rose 31.6% year-over-year in March, setting a new high as sales also rose to an all-time record high leading to an increase in the number of new listings and housing construction projects soared by 21.6%. in March .