Vancouver Realty Online

Market update courtesy the Vancouver Sun and National Bank Financial:

Resale prices for Canadian homes rose for a sixth consecutive month in October — and were up on an annual basis for the first time in nearly a year — as the country’s real estate market continued to recover from recessionary lows, according to a report released Wednesday.

The Teranet-National Bank resale house price index of major markets increased 1.27% during the month from September. Year-over-year, prices were up 0.57% — marking the first rise in 10 months.

“Prices have now risen 1% or more for five months in a row,” said Marc Pinsonneault, senior economist at National Bank Financial. “In October, however, the monthly rise varied significantly among the six metropolitan markets surveyed.”

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