Home Prices Break Records In July 2011

According to this article over at Buzzbuzz Home, Canadian resale home prices rose 1.3 per cent during July 2011 to create a new record based on information from the Teranet-National Bank Composite House Price Index.

According to Teranet, “The Teranet-National Bank House Price Index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index,” which determines how much a home’s price has increased each time it has been sold over the years.

Calgary saw the largest price increase out of the six urban centers monitored by Teranet at 2.3 per cent, while Toronto home prices increased by 1.7 per cent.

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