Quebec City It looks like the United States’ housing price gains are outpacing Canada’s growth.

The latest Teranet-National Bank National Composite House Price Index points to a slow down in the massive equity gains Canadian homeowners have been experiencing in the last few years.

Over the year ending in February 2013, house values saw a 2.7 per cent bump nationally. While prices did rise, the increase matched January’s smallest 12-month gain since November 2009.

According to the U.S. Case-Shiller home price index, US prices were up by 6.8 per cent from a year earlier as of December 2012.

Six out of the eleven city markets in Canada surveyed fared better than the cross-country average. Here’s how the numbers look:

Bigger Gains

  • Halifax home saw a 6.3 per cent increase
  • Quebec City saw a 5.4 per cent gain.
  • Hamilton boasted the biggest boost in the nation with a 6.5 per cent increase.
  • Toronto values increased by 4.9 per cent.
  • Winnipeg went up by 4.0 per cent.
  • Calgary saw a 3.6 per cent jump.
  • Edmonton matched the national average of 2.7 per cent.

Holding Steady

  • Ottawa-Gatineau saw a modest rise of 2.4 per cent.
  • Montreal managed a 2.0 per cent increase.
  • Victoria registered a 0.7 per cent rise.

The decrease

  • Vancouver saw a 1.5 per cent decline in prices for a seventh month of 12-month deflation.

The February composite index was down 0.2 per cent compared to January, marking a sixth straight monthly decline. And seven out of the eleven metro markets saw prices decrease compared to the first month of the year:

The Month to Month change

  • Hamilton went down by −0.3 per cent, a second consecutive monthly decline.
  • Calgary decreased by −1.2 per cent, marking the third straight month of decreasing prices.
  • Edmonton declined for the fourth month for a decrease of  −0.4 per cent.
  • Toronto saw the overall price lowered for a fifth straight month and was down by −0.3 per cent in February.
  • Montreal saw prices decrease by −0.4 per cent, registering a decline for six straight months.
  • Victoria saw one of the highest drops at 1.4 per cent.
  • Ottawa-Gatineau fell by −0.8 per cent.
  • Despite posting a year over year decrease, prices were up by 0.7 per cent in Vancouver for the second monthly gain in eight months.
  • Winnipeg saw a 0.8% gain, a first in five months.
  • Quebec City fared well with a 0.9 per cent rise, a new all-time high for the second month in a row.
  •  Halifax matched last September’s all-time high by increasing by 0.1 per cent.

Check out the chart below for a more detailed breakdown…

Teranet 2013 Feb

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