Cliff Peskin

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Jan 26, 2010

We spend the whole month waiting for the end of the month to see the results of Teranet’s House Price Index; the definitive source for what’s happening with Canadian home-prices, resale only of course.

So, what does Teranet have to say this month? According to their just released January 2011 report, which deals with the month of November, Canadian home prices edged downwards for the third consecutive month. However, prices are still up 4.8% from the pre-recession peak of August 2008.

“Canadian home prices in November were down 0.2% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. This retreat followed monthly declines of 0.4% in October and 1.1% in September after a run of 16 consecutive increases. November prices were down from the previous month in four of the six metropolitan markets surveyed. Declines of 0.9% in Ottawa and 0.5% in Toronto were each the third in a row. The Calgary decline of 0.7% was the fourth in a row. Halifax prices were down 0.8%. Montreal prices were again flat from the month before. Prices in Vancouver were up 0.6%. After three consecutive months of decline in the composite index, Canadian home prices are still 4.8% above the pre-recession peak of August 2008.”

Check out the complete Teranet report here…

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