Before seasonal adjustments, the Teranet-National BankTM Composite House Price Index decreased by 0.3% from January to February, a smaller decline than the 1.1% decrease observed last month.
After adjusting for seasonal effects, the Teranet-National BankTM Composite House Price Index decreased by 0.5% from January to February, the tenth consecutive monthly decline. In February, 7 of the 11 CMAs included in the index experienced contractions: Toronto (-2.7%), Calgary (-2.4%), Halifax (-1.8%), Edmonton (-0.8%), Hamilton (-0.3%), Montréal (-0.3%) and Ottawa-Gatineau (-0.2%). Conversely, prices increased during the month in Vancouver (+3.8%), Victoria (+1.9%) and Québec (+0.1%), while they remained stable in Winnipeg. For the other CMAs not included in the composite index, a decrease was observed in 11 of the 20 CMAs for which data is available in February. The largest monthly decreases were observed in Thunder Bay (-12.5% after a gain of 2.8% the previous month) and Sherbrooke (-10.5% after a gain of 9.0% the previous month). Conversely, notable increases were observed in Trois-Rivières (+7.7% after a decrease of 9.0% the previous month) and Guelph (+6.6% after a decrease of 9.4% the previous month).
The Teranet-National BankTM Composite Home Price Index, which covers eleven CMAs across the country, declined by 4.7 percent from February 2022 to February 2023, the second consecutive month in which the annual change in the index was in negative territory. Increases were still observed in 4 of the 11 cities that make up the composite index in February. Calgary led the way with a year-over-year price increase of 8.8%, followed by Quebec City with a 5.0% gain, and Edmonton with a 1.9% increase. As for the lagging markets, prices fell the most in Hamilton (-14.0%), Toronto (-8.8%) and Vancouver (-3.9%). As for the other 20 CMAs not included in the composite index, positive annual gains were observed in 5 of them. The strongest growth was recorded in Trois-Rivières (+12.4%) and Saint John (+12.1%), while the largest declines were in Abbotsford-Mission (-15.1%), Guelph (-16.6%) and Thunder Bay (-17.5%).
- Composite 11
- All Metropolitan Indices
- British Columbia
- New Brunswick
- Nova Scotia
|Metropolitan area||% change m/m||% change m/m, SA||% change y/y||From peak||Peak date|
Economics and Strategy Group
National Bank of Canada