The fact that the national HPI began the fourth quarter with a dip is not troublesome. The fourth quarter is typically a lethargic period for the index. Indeed, last month’s decline was smaller than the average of the last ten Octobers. We do not think that October heralds a downward trend on the national home resale market. We rather welcome the first monthly rise of Vancouver’s index in 15 months. This is consistent with the strong revival of Vancouver home sales since August. On the other hand, October ended a run of six monthly rises in Toronto and Hamilton. Same story for the five-months runs of Montreal and Winnipeg. But there are no reasons to believe that October’s drops in these metropolitan areas are the start of a trend. Judging from the most recent data, the resale market remains balanced in Toronto and Winnipeg, and favorable to sellers in Montreal and Hamilton.