The Teranet-National Bank National Composite House Price Index for January 2013 indicates that though prices are up by about 2.7 per cent from the year before, that gain isn’t a significant step up considering the trajectory of the market in recent years. The bump in prices is the smallest 12-month gain since November 2009.
Out of the 11 urban centres surveyed for the index, six exceeded the 12-month rise in the the cross-country average: Halifax prices rose by 6.6 per cent, Quebec City by 6 per cent, Hamilton by 5.9 per cent, Toronto by 5.3 per cent, Calgary by 4.3 per cent and Winnipeg by 3.4 per cent. Ottawa-Gatineau matched the national increase of 2.7 per cent.
The January composite index was down 0.3 per cent from December, which marks the fifth straight monthly decline. Prices were also down compared to the previous month before in seven markets. Calgary saw a 0.1 per cent decline for a second consecutive monthly decline and Vancouver shifted 0.8 per cent and Edmonton 0.7 for the third consecutive month.
Further east, Toronto and Winnipeg both saw a fourth consecutive monthly decline at 0.4 per cent and 0.3 per cent respectively while Montreal saw a 0.2 per cent for fifth month in a row. And Hamilton saw a 1.1 per cent decline, the second in three months and the largest drop in the region in two years.
January was also the 14th straight month of deceleration in 12-month inflation. And the market south of the border has seen bigger strides. The newsletter notes that the U.S. Case-Shiller home price index for 20 urban regions for November (the latest available reading) was up 5.5% from the previous year.
Check out the breakdown of prices by city in the table…