13 Sep Teranet: The Canadian real estate downturn in June and July “Did not turn around”.
Original article via Better Dwelling. Click here to read.
Canadian real estate prices are seeing slowing growth, but still printed a new record. The Teranet–National Bank House Price Index (Teranet HPI) shows a major slowdown in August. Canada’s largest markets saw the slowest price growth they’ve seen since 2009.
The Teranet HPI is a price index created by National Bank and the land registry behemoth Teranet. The index measures the price movement for home resales, and smoothes the measurement. It’s similar to CREA’s benchmark price, but with one major difference in how it’s measured. The timing.
The timing of measurement means numbers can be different from CREA. Real estate agents refer to Teranet HPI as “delayed,” since it’s measured at the property transfer. CREA’s benchmarks measures “sales” through the MLS, so their numbers are a little faster.