Canadian home prices dipped 0.1 per cent in January compared to the previous month, according to the Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes.
Of the 11 major markets studied in the monthly index, seven — including the typically hot Toronto market — posted month-over-month price declines. Toronto’s -0.2 per cent drop was the city’s first monthly price depreciation in 11 months. Other markets to post declines include Montreal (-1.2 per cent), Calgary (-0.7 per cent) and Edmonton (-0.5 per cent).
Home values were up in January over December in Winnipeg (+0.3 per cent), Victoria (+0.7 per cent), Vancouver (+0.9 per cent) and Hamilton (+1.0 per cent). For Victoria, Vancouver and Hamilton, last month marked a new peak for each of those three cities on the index.
Despite the national monthly price decline in January, the composite price for all 11 markets was up 5.9 per cent compared to the same month a year ago. Teranet describes it as “a quite respectable gain,” but points out that it is the smallest year-over-year price increase in three months.
“The strength came from just four markets whose 12-month gains were well above the countrywide average — Vancouver (12.5 per cent), Hamilton (10.3 per cent), Toronto (8.6 per cent) and Victoria (8.5 per cent),” Teranet said in its report.