Before seasonal adjustments, the Teranet-National Bank™ Composite House Price Index, which covers eleven CMAs across the country, rose by 1.8% from March to April, a second consecutive monthly increase.
However, after adjusting for seasonal effects, the Teranet-National Bank™ Composite House Price Index remained relatively stable with a slight decrease of 0.1% between March and April, following a 0.8% decline the previous month. In April, 5 of the 11 CMAs included in the index experienced contractions: Edmonton (-2.5%), Ottawa-Gatineau (-2.1%), Vancouver (-0.9%), Hamilton (-0.5%) and Montreal (-0.2%). Conversely, prices increased during the month in Quebec City (+1.2%), Toronto (+0.7%), Winnipeg (+0.5%), Calgary (+0.3%) and Victoria (+0.1%), while they remained stable in Halifax. For the remaining CMAs not included in the composite index, a decrease was observed in 12 of the 20 CMAs for which data is available in April. The largest monthly decreases were in Thunder Bay (-12.8% after a 17.9% increase the previous month) and Kingston (-11.1%). Conversely, notable increases were observed in Moncton (+5.9%) and Peterborough (+4.5%).
The Teranet-National Bank™ Composite Home Price Index fell 8.5% from April 2022 to April 2023, a record annual contraction. Increases were still seen in 2 of the 11 cities in the composite index in April. Calgary led the way with a 6.9% year-over-year price increase, followed by Quebec City with a 2.7% gain. As for the lagging markets, prices fell the most in Hamilton (-14.8%), Toronto (-12.2%) and Ottawa-Gatineau (-9.7%). As for the 20 other CMAs not included in the composite index, positive annual gains were observed in 5 of them. The strongest growth was recorded in Trois-Rivières (+14.3%) and Sherbrooke (+8.4%), while the largest declines were in Abbotsford-Mission (-22.0%), Guelph (-18.4%) and London (-17.7%).
- 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