(Source: Calgary Herald)

CALGARY – Calgary led the country in February with the steepest decline in house prices, according to a national report released Wednesday.

The Teranet-National Bank National Composite House Price Index said Calgary house prices fell by 8.1 per cent year-over-year followed by Vancouver at 6.4 per cent and Toronto at five per cent.

The national composite price drop was 4.1 per cent.

Calgary also recorded the biggest drop from peak prices. In the city, house prices have fallen by 12 per cent from the August 2007 peak, followed by a 10.2 per cent decline in Vancouver from its June 2008 peak and a nine per cent drop in Toronto from its peak of August 2008.

On the national level, the report said prices have dropped by 7.4 per cent from their peak in August 2008.

Read the full article by Mario Toneguzzi “Calgary home prices drop steepest in Canada” in the Calgary Herald (April 30 2009).

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