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:
- 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.
- 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.
- 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…