Third consecutive monthly price decline in November

Canadian home prices in November were down 0.2% from the previous month, according to the Teranet–National Bank National Composite House Price Index™. This retreat followed monthly declines of 0.4% in October and 1.1% in September after a run of 16 consecutive increases. November prices were down from the previous month in four of the six metropolitan markets surveyed.

Declines of 0.9% in Ottawa and 0.5% in Toronto were each the third in a row. The Calgary decline of 0.7% was the fourth in a row. Halifax prices were down 0.8%. Montreal prices were again flat from the month before. Prices in Vancouver were up 0.6%. After three consecutive months of decline in the composite index, Canadian home prices are still 4.8% above the pre-recession peak of August 2008.

The November result was reflected in a further deceleration of the 12-month rise of the composite index, to 4.9%. It was the fifth consecutive month of deceleration, leaving the 12-month increase the smallest since December 2009. Market by market, the 12-month changes range quite widely: increases of 7.2% in Ottawa, 7.1% Montreal, 5.9% in Vancouver, 5.1% in Toronto and 2.7% in Halifax, with a decrease of 1.5% in Calgary.

Data from the Canadian Real Estate Association show generally balanced conditions in major urban markets in December. Toronto and Vancouver could even be considered sellers’ markets.

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Contact the Jeffrey Team for more information – 416-388-1960

Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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