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July 2021 Newsletter

Kristy Towson

Compass Mortgage Group

Mortgage Broker



Record rise of home prices in May

In May the Teranet–National Bank National Composite House Price IndexTM was up 2.8% from the previous month, the largest monthly rise since the index series began in 1999. It was led by four of the 11 constituent markets: Ottawa-Gatineau (4.9%), Halifax (4.3%), Hamilton (3.7%) and Toronto (3.4%). Rises were more moderate for Vancouver (2.3%), Winnipeg (2.2%), Montreal (2.2%), Victoria (2.1%), Calgary (1.4%), Quebec City (1.2%) and Edmonton (1.2%). It was a third consecutive month in which all 11 markets of the composite index were up from the month before.

The May rise was consistent with the increase in number of home sales over the last several months as reported by the Canadian Real Estate Association. For a ninth straight month, the number of sale pairs entering into the 11 metropolitan indexes was higher than a year earlier. The unsmoothed composite index, seasonally adjusted, was up 2.1% in May, suggesting that the uptrend of the published (smoothed) index could continue.

The May composite index was up 13.7% from a year earlier, for a 10th consecutive acceleration and the strongest 12-month gain since July 2017. The 12-month rise was led by five markets – Halifax (29.9%), Hamilton (25.5%), Ottawa-Gatineau (22.8%), Montreal (17.6%) and Victoria (15.3%). Toronto matched the countrywide average at 13.7%. Lagging that average were Vancouver (11.9%), Winnipeg (10.4%), Quebec City (9.8%), Calgary (4.5%) and Edmonton (3.6%).

Besides the Toronto and Hamilton indexes included in the countrywide composite, indexes exist for seven smaller urban areas of the Golden Horseshoe – Barrie, Guelph, Brantford, Kitchener, St. Catharines, Oshawa and Peterborough. In May all seven were up from the previous month and from a year earlier. The 12-month gains ranged from 27.6% for Brantford to 31.4% for Barrie.

Source: https://housepriceindex.ca/2021/06/may2021/

What to do when there’s an extreme weather alert

(NC) Canadians are used to extreme weather, from fog to blizzards to heat waves. Various levels of government keep track of these weather events and issue alerts so you know when to take extra care.

Though we all know the dangers of freezing temperatures, you might not realize that extreme heat comes with dangerous health risks as well. Here’s what you need to know:

What are the risks?

Heat illnesses include heat stroke, heat exhaustion, fainting, heat rash or cramps, and swelling of the hands, feet and ankles. These conditions tend to be caused by overexposure to heat or overexertion in the heat. If not prevented, heat illness can lead to long-term health problems and even death.

Older adults, young children, people living with chronic illness, social isolation or poverty, and people who work outdoors often have a higher risk for heat illness. If you take medication, consult with your family doctor or pharmacist about your level of risk.

Fortunately, most negative outcomes of heat illness can be avoided if you take appropriate action.

What to do?

  • Stay hydrated.
  • Check in with family and friends to make sure they’re okay.
  • Reschedule or plan outdoor activities for cooler parts of the day.
  • Dress in loose-fitting, light weight, breathable clothing
  • Cool off in the shower or in an air-conditioned space.

What to watch for?

Symptoms of heat illness include:

  • dizziness or fainting,
  • nausea or vomiting,
  • headache,
  • rapid breathing and heartbeat.

If you have any of these symptoms during extreme heat, move to a cool place and drink water right away.

Immediately call 911 or your local emergency number if someone you’re caring for has a high body temperature and is either unconscious, confused, or has stopped sweating.

While waiting for help, move them to a cool place, apply cold water to their skin and clothing, and fan them as much as possible.

Find more information at Canada.ca/health.


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