The Teranet-National BankTM Composite Home Price Index, which covers eleven CMAs across the country, declined by 6.9% from March 2022 to March 2023, slightly worse than the previous record contraction recorded during the 2008-2009 financial crisis. Increases were still observed in 3 of the 11 cities that make up the composite index in March. Calgary led the way with a 7.6% year-over-year price increase, followed by Quebec City with a 4.1% gain, and Edmonton with a 2.2% increase. As for the lagging markets, prices fell the most in Hamilton (-13.5%), Toronto (-12.1%) and Victoria (-8.7%). As for the other 20 CMAs not included in the composite index, positive annual gains were observed in 7 of them. The strongest growth was recorded in Trois-Rivières (+18.8%) and Sherbrooke (+12.4%), while the largest declines were in Oshawa (-19.3%), Abbotsford-Mission (-17.7%), Peterborough (-17.2%) and Guelph (-15.8%).
- Composite 11
- All Metropolitan Indices
- British Columbia
- New Brunswick
- Nova Scotia
Before seasonal adjustments, the Teranet-National BankTM Composite House Price Index increased by 0.5% from February to March, the first increase in ten months.
However, after adjusting for seasonal effects, the Teranet-National BankTM Composite House Price Index decreased by 0.8% from February to March, the ninth consecutive monthly decline. In March, 7 of the 11 CMAs included in the index experienced contractions: Victoria (-4.5%), Winnipeg (-2.4%), Toronto (-1.9%), Edmonton (-0.9%), Hamilton (-0.1%), Quebec City (-0.1%) and Ottawa-Gatineau (-0.1%). Conversely, prices increased during the month in Halifax (+2.3%), Montreal (+0.5%), Vancouver (+0.3%) and Calgary (+0.1%). For the other CMAs not included in the composite index, a decrease was observed in 12 of the 20 CMAs for which data is available in March. The largest monthly decreases were observed in Peterborough (-3.8%) and Oshawa (-3.1%). Conversely, notable increases were observed in Thunder Bay (+14.9% after a decrease of 12.0% the previous month) and Sherbrooke (+13.6% after a decrease of 11.5% the previous month).
|Metropolitan area||% change m/m||% change m/m, SA||% change y/y||From peak||Peak date|
Economics and Strategy Group
National Bank of Canada