The Teranet-National Bank House Price Index showed a 1.1% decline in the price of single-family homes in 11 major Canadian cities from October to November, with the largest declines occurring in Montreal, Hamilton, and Vancouver.
Canada’s housing market continued to trend downward in November, according to the latest data from the Teranet-National Bank House Price Index.
The index, which measures the price changes of repeat sales of single-family homes in 11 major cities across the country, showed a 1.3 per cent decline before seasonal adjustment and a 1.1 per cent decline after seasonal adjustment from October to November.
This marks the fifth consecutive monthly decline and a larger decrease than the 0.8 per cent drop in October.
Eight of the 11 cities included in the index saw contractions in prices, with the largest declines occurring in Montreal (-2.2 per cent), Hamilton (-1.9 per cent), and Vancouver (-1.5 per cent).
The only cities to see price increases were Halifax (+1.6 per cent), Victoria (+0.9 per cent), and Edmonton (+0.3 per cent).
In the remaining 20 cities not included in the composite index, a decrease was observed in 13 of them, with the most significant monthly declines occurring in Kelowna (-4.7 per cent), Trois-Rivieres (-4.0 per cent), and Guelph (-2.4 per cent).
Belleville, Peterborough, and St. Catharines saw notable increases of 5.9 per cent, 3.5 per cent, and 2.5 per cent, respectively.
On a year-over-year basis, the Teranet-National Bank National Composite House Price Index recorded a 2.0 per cent increase in November, marking the seventh consecutive month of slower growth and the slowest annual growth since November 2019.
Increases were seen in 9 of the 11 cities comprising the composite index, with Calgary leading the way at a 14.6 per cent year-over-year price, followed by Edmonton with a 7.6 per cent gain, and then Halifax with a 6.2 per cent increase.
Among the lagging markets, prices remained stable in Toronto, falling by 0.9 per cent in Hamilton.
