The slight 0.1 per cent boost in Canadian home prices recorded in October was reversed last month as the Teranet-National Bank National Composite House Price Index slid down 0.1 per cent, month-to-month.
The latest report points out that because prices in November 2012 had declined by a greater margin, 12-month home price inflation accelerated to 3.4 per cent from 3.1 per cent in October. Five of the 11 major city markets studied saw a year-over-year rise in prices that was greater than the national average. Here’s how the numbers played out:
- Calgary led the pack with a 5.9 per cent rise, followed by Hamilton (5.2 per cent), Toronto (4.2 per cent), Vancouver (3.9 per cent), and Quebec City (3.7 per cent).
- The cities that fell below the 3.4 per cent cross-country average were Edmonton (3.0 per cent), Winnipeg (2.8 per cent), Ottawa-Gatineau (1.2 per cent), and Halifax and Montreal (0.8 per cent).
- Victoria recorded a price drop for the ninth consecutive month with a 1.4 per cent decline.
In terms of month-over-month gains, the 0.1 per cent decline of the index was the fourth November in a row to see a drop. Over 15 years of data collection, November prices have on average gained 0.1 per cent from the month before, suggesting that the drop isn’t a buoying market. Prices were up in four of the 11 metros studied. Here’s the breakdown:
- Rising for seven straight months, Vancouver saw a 0.6 per cent gain in November, reaching a new record.
- Halifax matched the British Columbian city with a 0.6 per cent gain of its own and was followed by Hamilton at 0.3 per cent and Winnipeg, which saw the first gain in five months with a 0.1 per cent increase.
- Prices were down in Victoria (1.8 per cent), Montreal (0.6 per cent), Calgary (0.3 per cent) and in Edmonton, Quebec City, Ottawa-Gatineau and Toronto (0.2 per cent).
In terms of overall trends, six of the markets have seen prices decline:
- Prices in six of the markets has been trending down: for four consecutive months in Quebec City (total 1.8 per cent), Montreal (1.4 per cent) and Edmonton (1.1 per cent) and for three consecutive months in Ottawa-Gatineau (total 0.8 per cent).
- Prices have declined by 0.4 per cent in Toronto over the last three months and 2.4 per cent in Victoria in the last two months.
- While Winnipeg saw a 0.1 per cent gain in November, prices are down 0.7 per cent over the last five months in Winnipeg.
For more information, check out the table below…