More deflation, Montreal holding up best.

Canadian home prices in March were down 5.8% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the fourth consecutive 12-month decline. March was also the seventh straight month in which the composite index was down from the month before – the longest run of monthly declines since the beginning of index coverage in February 2000. The composite is now down 8.5% from its peak of last August.

Of the six constituent city indices, four were down from a year earlier: Vancouver (−9.6%), Calgary (−8.4%), Toronto (−6.7%) and Halifax (−0.8%). While prices were still up from a year earlier in Montreal (3.2%) and Ottawa (2.8%), the 12-month increase in those two cities has decelerated markedly in recent months. In Calgary, prices have been correcting for well over a year now – since August 2007 – and are now down 12.7% from the peak of that month. Calgary has shown monthly declines in 16 of the 19 months posted since then, including every month from last July through March.

Read the full monthly report by Marc Pinsonneault at the Teranet-National Bank House Price Index™ website.

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