Photo: James Bombales
House price growth declined or stalled in many major Canadian metros in November according to the Teranet–National Bank House Price Index.
Country-wide, the index fell 0.3 per cent from October with a decrease recorded in eight of the 11 metros studied: Halifax (-1.6 per cent), Quebec City (-1.5 per cent), Montreal (-1 per cent), Winnipeg (-0.7 per cent), Ottawa-Gatineau (-0.6 per cent), Toronto (-0.3 per cent), Victoria (-0.2 per cent) and Calgary (-0.2 per cent).
The index was flat in Vancouver and Hamilton while Edmonton was the sole city to see a rise, with prices inching up 1.1 per cent between October and November. According to Teranet, this was the first time in two years that only one metro saw a monthly increase in prices.
Taking the long view, the 12 month home price inflation was 5.2 per cent in November, down from 5.4 per cent in October.
Due to tight or balanced conditions, Calgary outpaced the national average with a 9.2 per cent boost, followed by Toronto at 7.3 per cent, Hamilton at 7 per cent, Edmonton at 6.2 per cent and Vancouver at 5.9 per cent.
Year-over-year, the price index increase was more moderate in in Winnipeg (1.5 per cent), Victoria (1.4 per cent) and Montreal (0.6 per cent).
The cities that registered a drop from 2013 include Ottawa-Gatineau (−0.2 per cent), Quebec City (-0.3%) and Halifax (−1.8%).
The composite index has had a long run of increases. It has recorded a boost in prices every month since October 2009, or 62 months in a row. Toronto was the only metro among the 11 studied to match that long run of house prices increases.