Month-Over-Month

Before seasonal adjustment, the Teranet–National Bank National Composite House Price Index™ declined 1.3% from October to November, a larger decrease than the 0.8% decline observed last month.

After seasonal adjustment, the Teranet–National Bank National Composite House Price Index™ 1.1% from October to November, the fifth consecutive monthly decline and a larger decrease than the 0.8% decrease observed in October. In November, eight of the 11 CMAs included in the index experienced contractions, while prices were up in Halifax (+1.6%), Victoria (+0.9%) and Edmonton (+0.3%). The largest price declines were recorded in Montréal (-2.2%), Hamilton (-1.9%) and Vancouver (-1.5%). For the remaining CMAs not included in the composite index, a decrease was observed in 13 of the 20 CMAs. The largest monthly decreases were observed in Kelowna (-4.7%), Trois-Rivières (-4.0%) and Guelph (-2.4%). Conversely, notable increases were observed in Belleville (+5.9% after a decrease of 6.8% the previous month), Peterborough (+3.5%) and St. Catharines (+2.5% after a decrease of 4.9% the previous month).

Year-Over-Year

The Teranet–National Bank National Composite House Price Index™, covering eleven CMAs around the country, recorded an annual gain of 2.0% in November, the seventh consecutive month of lower growth than the previous month and the slowest annual growth since November 2019. Increases were seen in 9 of the 11 cities comprising the composite index in November. Calgary led the way with a 14.6% year-over-year price increase, followed by Edmonton with a 7.6% gain, and then Halifax with a 6.2% increase. Among the lagging markets, prices remained stable in Toronto, while they fell by 0.9% in Hamilton. Among the remaining 20 CMAs not included in the composite index, positive annual gains were observed in 12 of them. The strongest growth was recorded in Trois-Rivières (+12.3%) and Sherbrooke (+11.0%), while the largest declines were in Oshawa (-2.9%), Windsor (-2.4%) and Kitchener (-2.0%).

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Teranet-National Bank House Price Index Continues Its Downward Trend in November