Vancouver posts 18 straight months of rising house prices

House prices in Vancouver increased by 2.3per cent in July, marking the sixth straight month that prices in the city have increased by more than two per cent,according to the latest release of theTeranet-National Bank Composite Housing Price Index.

The string of price increasesbrings the 12-month rise for the Vancouver market to a record 24.3 per cent.

The survey of prices also reported thatVancouver marked its 18thconsecutive month without a decline, with a new record set each month.

Big gains in Julywere also seen inVictoria, up3.8 per cent,Toronto, up 3.1 per cent,andHamilton, up2.4 per cent.

• Toronto real estate market sees record sales for July

Toronto saw its 14thpricerise in 15 months, with new records set in each of the last six months. Prices have also set records in each of the last five months in Hamilton, in each of the last three months in Victoria and in the last two months in Winnipeg.

Nationally, those four hot markets helpedhouse prices rise by two per cent in July and by 10.9per cent from a year earlier.

• Greater Vancouver home sales drop in July, new figures show

Tight market

"However, despite the drop in existing home sales, the Vancouver resale market remains tight. Furthermore, the labour market in Vancouver is red hot, with employment having risen 7.4 per centon a [year-over-year]basis."

July saw more modest price gains in Ottawa-Gatineau, up 1.7 per cent;Winnipeg, up 1.6 per cent;and Montreal, up 0.6 per cent.

Meanwhile, house prices were flat in Edmonton in July, and they declined 0.1 per centin Calgary.

Halifax saw a month-over-month drop of 0.4 per cent, while prices inQuebec City fell 1.6 per cent from June.

The Teranet-National Bank Composite Home Price Indexmeasures price changes for repeat sales of single-family homes.