Home prices in Canada slid 0.4 per cent lower from October to November, but remain 3.3 per cent higher than they were a year ago, says the latest Teranet-National Bank House Price Index.
“It was the fourth November monthly decline in 13 years of data, including November 2008 when the country was on the verge of recession,” the Teranet-National Bank stated in a release. “For the first time since February 2009, when the recession was in full swing, prices were down from the month before in 10 of the 11 metropolitan markets surveyed.”
The only Canadian city that didn’t see its house price index fall was, you guessed it, Calgary.
Prices dropped for the fourth straight month in Victoria and Quebec City. In Montreal and Ottawa, it was the third straight decline. Toronto and Halifax registered their second consecutive monthly drop, while prices were down month-over-month in Vancouver, Edmonton, Hamilton and Winnipeg.
The broad look at last month’s gains and declines in each of the 11 metropolitan areas measured:
- Victoria −0.9%
- Edmonton –0.9%
- Halifax –0.9%
- Winnipeg –0.7%
- Vancouver –0.6%
- Ottawa-Gatineau −0.5%
- Montreal −0.4%
- Toronto –0.3%
- Hamilton –0.3%
- Quebec City −0.1%
- Calgary +0.4%
This 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.