Photo: Michael Gil/Flickr
After two consecutive monthly declines, the Teranet–National Bank National Composite House Price Index rose 0.2 per cent in January.
However, home prices rose month-to-month in just five of the 11 metro markets studied: Vancouver (1.2 per cent), Victoria (0.9 per cent), Toronto (0.6 per cent), Halifax (0.5 per cent) and Edmonton (0.3 per cent).
It wasn’t too long ago that we were reporting major increases in Calgary. But the market appears to showing signs of change with prices in Calgary declining by 0.7 per cent in January, the third consecutive monthly fall that adds up to a cumulative drop of 1.9 per cent.
The biggest monthly decline was seen in Montreal, which measured a 1.6 per cent decrease. It was also the fifth monthly decrease in six months, for a net cumulative decline of 4.7 per cent. Ottawa-Gatineau followed with a 1.1 per cent drop in January, the fourth decrease in six months for a total decline of 3.2 per cent. Winnipeg recorded a 0.7 per cent decline, which was the seventh decrease in that last nine months. However, the cumulative decline was just 0.6 per cent and, since June 2005, prices in the city increased at a higher rate than any of the other 11 metro markets.
Hamilton and Quebec City both recorded a 0.3 per cent drop. For Quebec City, this was the third month in a row where prices slipped. The city’s cumulative decline was 2.7 per cent.
In January, the composite index rose 4.7 per cent, year-over-year, a third consecutive deceleration. Beating the countrywide average, prices in Toronto jumped 7.4 per cent, followed by Hamilton (7.2 per cent), Calgary (7.1 per cent) and Edmonton (6.1 per cent).
Keeping close to the average, Vancouver measured a 5.1 per cent boost and Victoria saw gains of 4.4 per cent. The year-over-year gains of Winnipeg and Ottawa-Gatineau were much more modest at 0.4 per cent and 0.1 per cent respectively. East of Toronto, prices fell with Quebec City seeing a 1.6 per cent drop, Montreal recording a 1.5 per cent decline and Halifax counting a smaller 0.3 per cent slide.