It’s been awhile since we’ve mentioned Teranet and “home prices dropping” in the same sentence.

According to Teranet-National Bank house price index data released today, Canadian home prices fell in November 2011, the first time the index declined since a brief correction during the three months ending November 2010.

The data notes a modest drop of 0.2 per cent after two months of flat prices.

The national composite index tracks registered prices of homes sold at least twice. The data indicates that prices fell in eight of the 11 metropolitan markets tracked.

According to National Bank senior economist, Marc Pinsonneault, drops in Toronto, Hamilton and Winnipeg were particularly notable because the three markets are considered tight.

Here’s a full list of the gains and declines in the individual markets:

  • Calgary -1.6 per cent
  • Victoria -0.9 per cent
  • Hamilton -0.3 per cent
  • Vancouver -0.2 per cent
  • Toronto -0.2 per cent
  • Ottawa -0.2 per cent
  • Quebec City -0.2 per cent
  • Winnipeg -0.1 per cent
  • Edmonton +0.1 per cent
  • Montreal +0.4 per cent
  • Halifax +0.5 per cent

Looks like Halifax is leading the pack in November. We’re interested to see what the December data looks like. Guess we’ll just have to wait until next month…

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