In October, the Teranet–National Bank National Composite House Price Index was up only 0.1 per cent from September, which isn’t much of an improvement over September’s entirely flat month-over-month price growth. Teranet said that since the average October monthly gain over 15 years of data collection has been 0.2 per cent, this October’s slight rise suggests a cooler than usual market.
Since prices in October 2012 were also down from the month before, this October’s small monthly rise resulted in an acceleration of 12 month home price inflation to 3.1 per cent from 2.7 per cent.
Just like in September, only four of the 11 cities covered by the index showed year-over-year price growth that was higher than the national average, a first since June 2012.
The only gainers were Calgary (6.7 per cent), Hamilton (4.6 per cent), Toronto (4.1 per cent) and Quebec City (3.8 per cent). The cities relatively in line with the national numbers were Vancouver (2.7 per cent), Edmonton (2.2 per cent), Winnipeg (2 per cent) and Montreal and Ottawa-Gatineau (0.9 per cent).
Prices were down year-over-year for an eighth consecutive month in Victoria (−0.5 per cent) and a third consecutive month in Halifax (−0.7 per cent).
It was the fourth time in 15 years that October prices were up from the month before in no more than three markets. All four of these instances have been in the last six years, 2008, on the eve of the last recession, and in the price corrections of 2010 and 2012. The only three markets to see a rise in prices from September were Vancouver (1.1 per cent), Calgary (0.9 per cent) and Halifax, whose 1.0 per cent gain ended a three-month spate of declines.
Prices were down from September in Montreal and Winnipeg (−0.1 per cent), Toronto (−0.2 per cent), Edmonton (−0.3 per cent), Quebec City (−0.4 per cent), Ottawa-Gatineau (−0.5 per cent), Victoria (−0.6 per cent) and Hamilton (−0.8 per cent).
For more details, check out the table below…