Home prices in Canada were 3.6 per cent higher than they were a year ago, but down 0.4 per cent from August to September, according to the Teranet-National Bank National Composite House Price Index.

It was just the third time in 13 years that home prices dropped in September; the other two instances occurred in 2008, as Canada was entering recession, and during the correction of 2010.

The 2012 September prices were down from August in six of the 11 markets that the index studies, led by Victoria, BC (−1.3 per cent) and Vancouver, BC (−1.2 per cent). In the rising prices department, from August to September, you had Calgary and Halifax (both by 0.5 per cent), Winnipeg (0.4 per cent), Hamilton (0.3 per cent) and Toronto (0.1 per cent).

Here’s a broader look at last month’s gains and declines in each of the metropolitan areas measured:

  • Calgary 0.5 %
  • Halifax 0.5 %
  • Winnipeg 0.4 %
  • Hamilton 0.3 %
  • Toronto 0.1 %
  • Quebec -0.2 %
  • Montreal -0.6 %
  • Edmonton -0.7 %
  • Ottawa -0.8 %
  • Vancouver -1.2 %
  • Victoria -1.3 %

The Teranet chart also breaks down the annual numbers and national picture:

The index is estimated by tracking observed or registered home prices using data collected from public land registries. It tracks repeat sale prices, so properties with at least two sales are considered in the calculations.

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