calgary housing correction

Photo: Florian Christoph/Flickr

Though the Teranet–National Bank National Composite House Price Index rose by 0.1 per cent between January and February, only three of the 11 markets surveyed saw monthly price increases.

Vancouver recorded 1.5 per cent price growth, followed by Victoria, which saw a 0.5 per cent bump, and Hamilton, which experienced a 0.3 per cent increase. Toronto, where prices have remained consistently high, didn’t experience an increase, though its decline was just 0.1 per cent.

Teranet said in the release, “In some markets there have clearly been corrections in progress,” specifically noting the cumulative declines in Calgary, Winnipeg, Ottawa-Gatineau, Montreal, Quebec City and Halifax.

Calgary recorded a 0.3 per cent decline in February, the fourth monthly drop in a row, for a cumulative decline of 2.3 per cent. Winnipeg experienced a one per cent drop in February, its fourth in five months, which added up to a 3 per cent decline in prices overall. Ottawa-Gatineau’s 2.1 per cent drop in February, the fifth decline in six months, led to a total decline of 5.2 per cent.

Meanwhile, Montreal’s 0.3 per cent decline was its sixth in seven months, for a total decline of 5.2 per cent. Halifax saw a 0.6 per cent decline in February, the fourth in five months, leading to a total decline of 5.5 per cent. Quebec City’s 0.1 decrease was the fourth consecutive monthly fall, adding up to a decline of 2.9 per cent.

The composite index rose 4.4 per cent over the same period in 2014, the fourth deceleration in a row. The biggest year-over-year increases were experienced in Ontario, with Hamilton seeing 12-month gains of 8 per cent and Toronto seeing a 7.3 per cent boost.

Vancouver and Calgary weren’t far behind with increase of 5.7 per cent and 5.6 per cent, respectively. Hewing closer to the Canada-wide average, Edmonton saw a boost of 4.7 per cent and Victoria recorded a 4 per cent increase.

Halifax recorded a small increase of 0.8 per cent while Quebec City prices saw no change.

The cities that experienced year-over-year decreases were Winnipeg (1.0 per cent), Ottawa-Gatineau (1.2 per cent) and Montreal (2.4 per cent).

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