Wed Mar 12, 2014 8:05am PST
House prices in Vancouver hit another record high in February, according to the Teranet-National Bank Composite House Price Index released March 12.
House prices in the city increased for the 10th month in a row, with growth of 0.9% from January. Prices were up 7.7% compared with one year ago.
Prices in Victoria dipped 0.9% from January – the 12th consecutive monthly drop – and 3.4% year-over-year.
Across the country, house prices increased 0.3% compared with January and 5% year-over-year. Compared with February 2012, prices were up in 7 out of the 11 cities Teranet includes in the index, with the strongest gains seen in Calgary (up 9.6%), Vancouver and Toronto (up 6.1%). Gains were also seen in Edmonton, Winnipeg, Hamilton and Montreal.
Prices were down in Halifax (down 4.7%), Victoria, Quebec City (down 2%) and Ottawa-Gatineau (down 0.6%).
Teranet's Composite House Price Index uses property sales records from public land registries to track price increases or decreases monthly.