Canwest News Service
Published: Thursday, January 28,2010
A measure of home prices in major Canadian markets was up in November compared with a year earlier for the second straight month. The Teranet-National Bank home index, released yesterday, was up 2.6% on an annual basis for November. The last two gains followed prices being down on a year-over-year basis for 10 straight months. The latest gains put the overall index just 0.1% shy of its peak in August 2008. The index has been up on a monthly basis seven consecutive times, although the 0.8% rise was the first time in six months it has been less than 1.2%. "On balance, this report provides further evidence to support the general view that the recovery in the Canadian housing market is gaining further momentum, and suggests the recent gains in home prices are being sustained," Millan Mulraine, economics strategist with TD Securities, said in a research note
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