Gains in Quebec helped to offset declining prices in Western Canada.
The price tracker rose by 0.4 per cent in July compared with the same month in 2018, its lowest uptick since 2009, the study showed.
“That rise was pulled down by the three largest markets of Western Canada,” National Bank senior economist Eric Pinsonneault said in the report, referring to Vancouver, Calgary and Edmonton, which declined by 6.2 per cent, 3.1 per cent and 2.8 per cent, respectively.
“Advances from a year earlier were larger for Quebec City (1 per cent), Halifax (3.1 per cent), Toronto (3.2 per cent), Hamilton (5.1 per cent), Montreal (5.8 per cent) and Ottawa-Gatineau (6 per cent),” Pinsonneault said.
The gain from June this year to July was 0.7 per cent, less than the 21-year average of 1 per cent and only showing an increase at all because of seasonal pressure, the economist said.
The month-to-month index was held down in July by a 1 per cent decline in Vancouver, its 12th month without a rise and the only metropolitan area surveyed whose run of declines continued last month, Pinsonneault said.
The study showed the other 10 markets of the index were all up on the month: Quebec City 0.1 per cent, Edmonton 0.5 per cent, Victoria 0.6 per cent, Calgary 0.7 per cent, Toronto 1.3 per cent, Hamilton 1.3 per cent, Halifax 1.6 per cent, Montreal 1.7 per cent, Ottawa-Gatineau 2.0 per cent and Winnipeg 2.9 per cent.
The bank’s index is calculated using a repeat sales method of tracking house prices in public land registries of homes that have been sold at least twice.