Home prices in Canada continued to rise in July, according to the Teranet – National Bank of Canada index.

The July index was up 2.4% from June, after seasonal adjustment.

This is the fourth consecutive monthly increase and the second highest price increase ever recorded in a single month, after that observed in July 2006.

Eight of the 11 markets in the composite index rose during the month, with Halifax being the market that saw the largest increase at 4.9%. Vancouver gained 3.9%, while Toronto added 3.5%.

Prices fell 1.2% in Quebec City, 0.9% in Montreal and 0.3% in Calgary.

Compared to the previous year, the overall composite index fell by 1.9% in July.