The year-over-year increase in house prices continues to decelerate in Canada, from 10% in March to 0.6% in November. These readings come from a new index of resale-house price changes, the TeranetNational Bank National Composite House Price Index. It is a less biased measure than currently used measures because of its repeat-sale methodology, which controls for changes in the mix of houses over time.
Leading the slide were Calgary house prices, which were down 7.7%. Torontos year-over-year change was only 0.7%, followed by Vancouver (1%), Ottawa (4.2%), Montreal (5.1%), and Halifax (5.8%).
On a month-to-month basis, national houses prices fell by -1.1% between October and November. Toronto led the drop with a -1.6% change, followed by drops in Vancouver (-1.3%), Ottawa (-1.3%), Calgary (-0.9%), and Montreal (-0.3%). Halifax bucked the trend with a 1.3% gain.