World Economy

Canada Home Prices Rise

Canada Home Prices RiseCanada Home Prices Rise

Canadian home prices climbed in August, led by gains in the two hottest markets Vancouver and Toronto, where prices have more than doubled in just over 11 years, a home price index showed on Wednesday, Reuters reported. Prices rose 1.5% last month from July, according to the Teranet-National Bank Composite House Price Index, and were up 11.4% from a year earlier. It was the third-largest monthly August rise since the index began in 1999. Prices were up in the month in seven of 11 markets surveyed, led by gains in the two largest markets, Toronto and Vancouver, where heady appreciation since 2010 has sparked fears of a housing bubble. Toronto home prices were up 2.8% in August from July, the seventh straight monthly rise. The Toronto index topped 200 for the first time, indicating that prices have more than doubled since the index was set at 100 in June 2005. Vancouver prices rose 1.7% in the month, the 20th month without a decline. Vancouver has seen prices rise 249% since 2005, the index showed.