UPDATE 1-Canada resale home price index up for 7th month

* Month-on-month prices rise 0.8 percent

* All six metro markets gain
(Adds details, comment)

TORONTO, Jan 27 (BestGrowthStock) – Canadian home resale prices
rose for a seventh straight month in November on gains in all
six major metropolitan markets surveyed, according to a report
on Wednesday.

The Teranet-National Bank composite house price index,
which measures price changes for repeat sales of single-family
homes, showed overall prices were up 0.8 percent in November
from October.

Vancouver led the gains, rising 1.9 percent, the only
market to exceed the national average. Without Vancouver, the
composite index would have been up 0.5 percent, the report
said.

Toronto and Calgary both recorded gains of 0.6 percent in
November, followed by 0.4 percent increases in each of Halifax
and Ottawa. Montreal posted the smallest rise, up 0.1 percent.

“Except for Vancouver, monthly price increases slowed to
more sustainable levels in each of the metropolitan regions,”
said Marc Pinsonneault, a senior economist at National Bank
Financial.

Teranet’s year-over-year national measure showed prices
were up 2.6 percent. The year-over-year data showed all the
cities except Calgary climbed.

The report is in line with other data that has shown the
housing sector has momentum and is leading the fragile economy
out from its downturn. [ID:nN11152762] [ID:nN15205585]

The Teranet-National index tracks home prices over time for
repeat sales, so properties with at least two sales are
required in the calculations. The report did not provide actual
prices.

Stocks

(Reporting by Ka Yan Ng; editing by Rob Wilson)

UPDATE 1-Canada resale home price index up for 7th month