The downward trend in house prices continued in January, registering a year-over-year decline of -2.4%. Leading theretreat were declines in Calgary (-8.2%), Vancouver (-4.2%), and Toronto (-2.4%). House prices in three other cities also moderated but remained positive: Montreal (4.1%), Ottawa (2.1%), and Halifax (1.2%).
These readings are from a new index of resale-house price changes, the TeranetNational Bank National Composite House Price Index. It is a less biased measure than changes in average prices because its repeat-sale methodology controls for changes in the mix of houses over time.
On a month-to-month basis, house prices fell -1.6% from December to January. Vancouver (-2.6%) dropped the most, followed by Calgary (-2.3%), Toronto (-1.4%), Ottawa (-1.4%), Halifax (-1.0%), and Montreal (0.1%).
Since peaking in August, 2008, house prices have fallen -5.5%. Contributing the most were declines in Calgary (-11.4%), Vancouver (-8.3%), and Toronto (-6.1%), from their respective peaks (August, 2007, June, 2008, and August, 2008). Contributing the least was Montreal, with a decline of -0.4% since its high in September, 2008.