Teranet-National Bank House Price Index Accelerates in December
MONTH-OVER-MONTH
After adjusting for seasonal effects, the Teranet-National Bank Composite House Price Index™, which covers the country’s eleven largest CMAs, rose by 0.8% from November to December, a larger increase than the 0.7% recorded the previous month and the sixth consecutive monthly increase. As a result, prices have risen by 2.9% since the Bank of Canada’s first cut in June and are now just 0.3% below the record level reached in April 2022. In December, nine of the 11 CMAs included in the index recorded growth: Edmonton (+1.6%), Ottawa-Gatineau (+1.0%), Montreal (+1.0%), Toronto (+0.8%), Halifax (+0.8%), Calgary (+0.7%), Vancouver (+0.6%), Winnipeg (+0.6%) and Hamilton (+0.5%). Conversely, prices fell in Victoria (-0.3%) and Quebec (-0.4%). In addition, prices rose in twelve of the 18 CMAs not included in the composite index for which data are available in December. The strongest monthly increases were seen in Kelowna (+4.5%), Belleville (+2.3%) and Kitchener (+2.2% after a decline of -2.2% the previous month). Conversely, the largest decreases were recorded in Trois-Rivières (-2.6% after an increase of 3.0% the previous month), Brantford (-1.8%) and Lethbridge (-1.7% after an increase of 3.4% the previous month).
Before seasonal adjustments, the Teranet-National Bank Composite House Price Index™ fell by 0.1% from November to December.
YEAR-OVER-YEAR
The Teranet-National Bank Composite Home Price Index™ rose by 3.6% from December 2023 to December 2024, higher than the 2.4% growth seen the previous month. Increases were seen in all 11 cities in the composite index in December. Quebec City led the way with year-on-year price rises of 10.3%, followed by Calgary with an 8.0% gain and Montreal with 7.5% growth. As for the 18 other CMAs not included in the composite index, annual gains were recorded in sixteen of them. The strongest growth was recorded in Kingston (+19.9%), Trois-Rivières (+13.5%), Lethbridge (+11.5%) and Thunder Bay (+11.5%). Conversely, the markets of Brantford (-2.3%) and Barrie (-4.1%) were down.
On an annual average basis, the composite index rose by 3.3% in 2024 following a fall of 2.0% in 2023.
- Composite 11
- All Metropolitan Indices
- British Columbia
- Alberta
- Manitoba
- Ontario
- Quebec
- New Brunswick
- Newfoundland
- Nova Scotia
Metropolitan area | % change m/m | % change m/m, SA | % change y/y | From peak | Peak date |
Composite 11 | -0.13 | 0.70 | 3.65 | -3.67 | May 2022 |
Alberta | |||||
Calgary* | -0.05 | 0.72 | 8.03 | -0.92 | Oct 2024 |
Edmonton* | 0.00 | 1.69 | 6.99 | -0.84 | Oct 2024 |
Lethbridge | 0.16 | -1.36 | 11.50 | 0.00 | Dec 2024 |
British Columbia | |||||
Abbotsford-Mission | -0.46 | 0.42 | 1.06 | -16.02 | Apr 2022 |
Kelowna | 3.17 | 4.65 | 1.34 | -4.73 | Jul 2022 |
Vancouver* | 0.27 | 0.50 | 3.48 | -2.35 | Aug 2024 |
Victoria* | 0.66 | -0.41 | 1.75 | -6.24 | May 2022 |
New Brunswick | |||||
Moncton | -3.56 | -4.28 | -1.19 | -7.00 | Sep 2024 |
Saint John | -4.33 | -2.23 | 0.58 | -7.87 | Oct 2024 |
Newfoundland | |||||
St. John's | n/a | n/a | n/a | n/a | Aug 2024 |
Manitoba | |||||
Winnipeg* | -0.46 | 0.50 | 5.30 | -3.78 | Jul 2022 |
Nova Scotia | |||||
Halifax* | 1.34 | 0.94 | 4.32 | -1.36 | May 2024 |
Ontario | |||||
Barrie | -0.33 | -0.41 | -4.15 | -18.66 | May 2022 |
Belleville | -0.59 | 2.12 | 4.38 | -13.40 | Apr 2022 |
Brantford | -3.18 | -2.11 | -2.34 | -18.40 | May 2022 |
Guelph | 0.03 | 0.42 | 5.40 | -13.85 | May 2022 |
Hamilton* | 0.15 | 0.16 | 2.87 | -14.78 | May 2022 |
Kingston | 2.84 | 1.44 | 19.93 | -3.19 | May 2022 |
Kitchener-Cambridge-Waterloo | 1.51 | 2.14 | 5.04 | -13.88 | Apr 2022 |
London | -1.62 | -0.38 | 2.32 | -15.53 | Apr 2022 |
Oshawa | 1.37 | 1.20 | 3.98 | -18.78 | May 2022 |
Ottawa-Gatineau* | -1.70 | 0.95 | 4.28 | -6.91 | Jun 2022 |
Peterborough | -2.75 | 0.09 | 1.83 | -20.35 | May 2022 |
St. Catharines - Niagara | -1.61 | 0.70 | 1.63 | -14.80 | May 2022 |
Greater Sudbury | -4.97 | 0.41 | 9.30 | -5.34 | Oct 2024 |
Thunder Bay | 0.88 | 1.23 | 11.50 | -3.79 | Jun 2024 |
Toronto* | -0.40 | 0.76 | 1.27 | -12.21 | May 2022 |
Windsor | -1.71 | 0.48 | 1.11 | -14.93 | May 2022 |
Quebec | |||||
Montréal* | 0.47 | 0.89 | 7.50 | 0.00 | Dec 2024 |
Québec City* | -0.86 | -0.18 | 10.25 | -0.86 | Nov 2024 |
Sherbrooke | -3.64 | -0.28 | 5.35 | -3.64 | Nov 2024 |
Trois-Rivières | 0.02 | -3.61 | 13.55 | -1.41 | Sep 2024 |
Daren King
Economist
Economics and Strategy Group
National Bank of Canada