The latest house price figures have been released by the
Teranet-National Bank House Price Index for major Canadian metropolitan centres
in Alberta, British Columbia, New Brunswick, Manitoba, Nova Scotia, Ontario,
and Quebec. According to Teranet:
After adjusting for seasonal effects, the
Teranet-National Bank Composite House Price Index™, which covers the country’s
eleven largest CMAs, declined by 0.4% from September to October, the first
decrease following five consecutive monthly increases. In October, four of the
11 CMAs included in the index experienced decreases: Toronto (-1.6%), Edmonton
(-1.2%), Vancouver (-1.1%) and Ottawa-Gatineau (-1.1%). Conversely, notable
increases were recorded in Montreal (+3.7%), Halifax (+1.1%) and Winnipeg
(+1.0%). On the other hand, decreases were observed in 11 of the 20 CMAs not
included in the composite index for which data are available in October. The
biggest monthly decreases were seen in Saint John (-5.3%), Trois-Rivières (-3.3%)
and London (-2.5%). Conversely, the biggest increases were in Moncton (+4.6%
after a 2.3% drop the previous month), Kingston (+3.8%) and Peterborough
(+2.6%).
The month over month figures for October show
decline in most centres but the more interesting numbers are the declines from
the peak price. Peak price for most of
these cities occurred in Spring of 2022 though Calgary and Saint John appear to
have seen peaks in 2023. The accompanying figure shows that no one has seen a
price increase since the peak though Sherebrooke, Quebec City, Moncton,
Lethbridge, and Calgary appear to be perfectly flat since their peak.
As for the remaining cities, the percent
change since peak price range from -2.7 percent for Montreal to -18.6 percent
for Brantford. Thunder Bay is in the
company of cities with relatively small declines coming in at -3.6 percent
while Sudbury is a bit more coming in at -9 percent.
