CANADIAN HOUSE PRICES July 2009

Canadian house prices increased in every region covered by the Teranet-National Bank National Composite House Price Index™ for the first time in 13 months.

Furthermore the composite index (the weighted average of the six metropolitan areas covered by the Index) rose for the third consecutive month, with the July increase averaging 1.6%. On an annual basis though the composite index was still 5.1% lower from its July 2008 level.

The Teranet–National Bank House Price Index™ is estimated using the repeat sales method with data on observed or registered home prices over time collected from public land registries.

The best performing metropolitan areas, among the six covered by the index, were Ottawa and Toronto, where house prices increased by 2.6% and 2.2%, respectively, in July 2009.

The metropolitan areas with the smallest monthly increases were Montreal and Halifax where house prices registered gains of 0.7% and 0.8%, respectively, in July 2009. House prices in Vancouver and Calgary posted monthly gains of 1.5% and 1.0%, respectively.

According to the press release commenting these latest results of the Index, the trends registered in Canadian house prices in July 2009 are consistent with improving market conditions for the country as a whole in recent months.

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Canadian House Prices Increased in July 2009