The Teranet–National Bank National Composite House Price IndexTM was down 0.3% in November, icompared to the previous month.
TL;DR: Component home prices indexes dropped in all major Canadian markets except Halifax and Quebec city, as well as Victoria where the index remained flat. When it comes to the composite index recorded on a year-over-year basis, Montreal saw gains of 4.4%. Speak to a market specialist about buying or selling real estate in Montreal.
House price declines are certainly not the norm at this time of year – in fact, this was only the fourth November decline in 20 years of index history. Last month also marked the second consecutive monthly decline.
Component indexes were down in eight of the 11 metropolitan markets surveyed:
- Vancouver (−0.6%)
- Calgary (−0.6%)
- Edmonton (−0.6%)
- Winnipeg (−0.5%)
- Ottawa-Gatineau (−0.4%)
- Toronto (−0.1%)
- Hamilton (−0.1%)
- Montreal (−0.1%)
The index for Victoria was flat.
Halifax (0.1%) and Quebec City (1.2%) saw rising indexes.
This is the first time in 8 months that Montreal has seen a declining index. It has been on an upward trend since August – a cumulative rise of 4.4%.
Montreal’s market conditions are consistent with seller’s-market.
Meanwhile, the index for Toronto has retreated 0.4% over the last three months.
Teranet-National Bank National Composite House Price Index™
The composite index rose 3.1% in November month-over-month, a larger 12-month rise than in the last three months. This is due to an abrupt index decline from August to October of 2017.
As a result of gains recorded earlier this year, 12‑month rises in November were above the countrywide average in Victoria (5.3%), Ottawa-Gatineau (5.3%), Montreal (4.4%), Hamilton (4.4%), Vancouver (3.9%) and Toronto (3.3%).
Indexes also increased on an annual basis in Winnipeg (2.3%) and Halifax (1.7%).
Indexes decreased compared to 2018 in Quebec City (−0.3%), Edmonton (−0.4%) and Calgary (−2.7%).
The full report including historical data can be viewed on the Teranet website.
This article, Teranet: Home Price Index Drops in Most Canadian Markets in November, appeared first on Shupilov News.