February Home Prices: A Sixth Consecutive Monthly Decline

March 20, 2013

In February the Teranet-National Bank National Composite House Price Index™ was up 2.7% from a year earlier, matching January's smallest 12-month gain since November 2009. By way of comparison, the U.S. Case-Shiller home price index (20 metropolitan markets) for December (the latest available reading) was up 6.8% from a year earlier. In Canada, the rise over the 12 months ending in February exceeded the cross-country average in six of the 11 markets surveyed for the national composite index: Halifax (6.3%), Quebec City (5.3%), Hamilton (6.5%), Toronto (4.9%), Calgary (3.6%) and Winnipeg (4.0%). Edmonton matched the average (2.7%). Lagging it were Ottawa-Gatineau (+2.4%), Montreal (2.0%), and Victoria (0.7%). Prices in Vancouver were down 1.5% from a year earlier, for a seventh month of 12-month deflation.