Canadian Home Prices Down 0.2% in February

April 25, 2012

The Teranet–National Bank National Composite House Price Index™ shows Canadian home prices down 0.2% in February from the month before. It was the third decline in four months. Prices were down from the previous month in six of the 11 metropolitan markets surveyed, including all four in Alberta and British Columbia. The retreat was 1.1% in Victoria (fourth decline in five months), 1.0% in Edmonton (fourth decline in six months), 0.6% in Calgary (fifth decline in six months) and 0.3% in Vancouver (fifth consecutive decline). More to the east, prices fell 0.8% in Hamilton and 0.4% in Ottawa. Prices rose 1.6% in Quebec City. There were smaller rises of 0.4% in Halifax, 0.2% in Montreal and Winnipeg and 0.1% in Toronto.

The report can be accessed at www.housepriceindex.ca

The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at www.housepriceindex.ca.

The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in eleven metropolitan areas: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montréal, Québec City and Halifax. The national composite index is the weighted average of the eleven metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion.