Teranet-National Bank House Price Index continues its downward trend in November
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™ declined 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).
- Composite 11
- All Metropolitan Indices
- British Columbia
- Alberta
- Manitoba
- Ontario
- Quebec
- New Brunswick
- Newfoundland
- Nova Scotia
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%).
Metropolitan area | % change m/m | % change m/m, SA | % change y/y | From peak | Peak date |
Composite 11 | -1.35 | -0.89 | 2.13 | -8.73 | May 2022 |
Alberta | |||||
Calgary* | -1.23 | -0.36 | 14.56 | -1.23 | Oct 2022 |
Edmonton* | -0.31 | 0.01 | 7.64 | -0.31 | Oct 2022 |
Lethbridge | -1.33 | -0.90 | 8.61 | -1.33 | Oct 2022 |
British Columbia | |||||
Abbotsford-Mission | 0.57 | -1.76 | -1.26 | -22.07 | Apr 2022 |
Kelowna | -3.71 | -4.40 | -0.69 | -10.47 | Jul 2022 |
Vancouver* | -1.91 | -1.34 | 0.71 | -9.70 | Apr 2022 |
Victoria* | 0.77 | 1.66 | 3.04 | -9.75 | May 2022 |
New Brunswick | |||||
Moncton | -0.83 | 0.43 | 9.85 | -6.54 | Jul 2022 |
Saint John | 1.26 | -0.47 | 10.73 | -5.73 | Jul 2022 |
Newfoundland | |||||
St. John's | 2.45 | 3.92 | 5.79 | -6.24 | Jul 2022 |
Manitoba | |||||
Winnipeg* | -1.53 | -0.51 | 1.17 | -8.96 | Jul 2022 |
Nova Scotia | |||||
Halifax* | 1.41 | 2.70 | 6.23 | -12.81 | Jun 2022 |
Ontario | |||||
Barrie | -2.00 | -1.40 | 1.21 | -17.55 | May 2022 |
Belleville | 5.53 | 5.41 | 1.02 | -14.65 | Apr 2022 |
Brantford | 3.97 | 1.22 | -1.56 | -17.63 | May 2022 |
Guelph | -3.49 | -2.51 | -1.46 | -18.78 | May 2022 |
Hamilton* | -1.15 | -0.38 | -0.91 | -16.90 | May 2022 |
Kingston | 0.68 | -0.77 | -0.28 | -13.64 | May 2022 |
Kitchener-Cambridge-Waterloo | -1.15 | -0.90 | -1.97 | -15.76 | Apr 2022 |
London | -0.39 | -0.43 | 3.05 | -13.92 | Apr 2022 |
Oshawa | -0.11 | 0.04 | -2.88 | -18.60 | May 2022 |
Ottawa-Gatineau* | -1.98 | -1.61 | 0.37 | -11.39 | Jun 2022 |
Peterborough | 0.15 | 3.32 | 1.08 | -19.10 | May 2022 |
St. Catharines - Niagara | 2.36 | 2.25 | 0.79 | -12.08 | May 2022 |
Greater Sudbury | 1.31 | 0.09 | 5.89 | -7.44 | May 2022 |
Thunder Bay | -2.33 | -1.02 | 1.31 | -10.18 | Jul 2022 |
Toronto* | -1.14 | -0.85 | 0.04 | -12.92 | May 2022 |
Windsor | -2.90 | -3.11 | -2.45 | -18.96 | May 2022 |
Quebec | |||||
Montréal* | -1.92 | -1.45 | 4.70 | -8.18 | Jun 2022 |
Québec City* | -1.33 | -1.13 | 5.68 | -4.85 | Jul 2022 |
Sherbrooke | -1.39 | -0.00 | 11.00 | -4.78 | Jul 2022 |
Trois-Rivières | -7.09 | -6.62 | 12.34 | -7.09 | Oct 2022 |
Daren King
Economist
Economics and Strategy Group
National Bank of Canada