National house price index falls in November; 10 of 11 markets down from October

TORONTO – The Teranet-National Bank index of Canadian housing prices fell in November compared with October — only the fourth time in 13 years of data collection that there has been a decline between the two months.

The composite index covering 11 major urban centres stood at 154.02 last month, down 0.4 per cent from October.

Ten of 11 local markets tracked by the Teranet land registry system showed declines.

The only local market showing a higher reading last month was Calgary.

Although the national composite index was up 3.4 per cent from November 2011, the rate of year-to-year increases has slowed in recent months.

It was the second month-to-month decrease in a row for Toronto and Halifax, the third consecutive for Montreal and Ottawa, and the fourth for Quebec and Victoria.