Teranet-National Bank House Price Index remains stable in January
MONTH-OVER-MONTH
After adjusting for seasonal effects, the Teranet-National Bank Composite House Price Index™, which covers the country’s eleven largest CMAs, remained stable from December to January after six consecutive months of increase. Since the Bank of Canada began lowering interest rates in June 2024, prices have risen by 2.8% and are just 0.3% below their record high reached in April 2022. In January, seven of the 11 CMAs included in the index saw growth, namely Quebec City (+3.2%), Halifax (+0.9%), Calgary (+0.8%), Ottawa-Gatineau (+0.6%), Victoria (+0.6%), Edmonton (+0.6%) and Montreal (+0.4%). Conversely, prices decreased in Winnipeg (-1.5%), Hamilton (-1.4%) and Vancouver (-0.6%), while remaining stable in Toronto. In addition, an increase was observed in eight of the 18 CMAs not included in the composite index for which data are available in January. The strongest monthly growth was observed in Trois-Rivières (+6.8% after a decline of -2.7% the previous month), Peterborough (+1.6%) and Lethbridge (+1.4% after a decline of -1.5% the previous month). Conversely, the most significant decreases occurred in Sherbrooke (-4.9%), Kingston (-4.0%) and Brantford (-3.7%).
Before seasonal adjustments, the Teranet-National Bank Composite House Price Index™ fell by 0.5% from December to January.
YEAR-OVER-YEAR
The Teranet-National Bank Composite Home Price Index™ rose by 3.4% from January 2024 to January 2025, a slower growth than the 3.6% observed the previous month. Increases were observed in ten of the 11 cities forming the composite index in January, with Hamilton being the exception (-0.3%). Quebec City led the way with a 13.6% increase in prices over twelve months, followed by Calgary with an 8.6% gain and Montreal with 6.9% growth. As for the 18 other CMAs not included in the composite index, annual gains were observed in thirteen of them. Among the markets on the rise, the strongest growth was recorded in Trois-Rivières (+25.5%), Lethbridge (+7.3%) and Sudbury (+7.1%). Conversely, the most significant declines occurred in Brantford (-5.2%) and Belleville (-2.9%).
- 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 | -0.48 | -0.06 | 3.43 | -4.14 | May 2022 |
Alberta | |||||
Calgary* | -0.78 | 0.92 | 8.59 | -1.70 | Oct 2024 |
Edmonton* | 0.97 | 0.61 | 6.00 | 0.00 | Jan 2025 |
Lethbridge | -2.22 | 1.39 | 7.26 | -2.22 | Dec 2024 |
British Columbia | |||||
Abbotsford-Mission | 1.92 | 1.13 | 4.01 | -14.41 | Apr 2022 |
Kelowna | -4.04 | -3.21 | -2.51 | -8.58 | Jul 2022 |
Vancouver* | -2.28 | -0.79 | 3.65 | -4.58 | Aug 2024 |
Victoria* | -1.80 | 0.62 | 1.94 | -7.93 | May 2022 |
New Brunswick | |||||
Moncton | 1.06 | 4.37 | 2.94 | -6.02 | Sep 2024 |
Saint John | 0.80 | 3.39 | 7.25 | -7.14 | Oct 2024 |
Newfoundland | |||||
St. John's | n/a | n/a | n/a | n/a | Aug 2024 |
Manitoba | |||||
Winnipeg* | -1.86 | -1.47 | 3.12 | -5.57 | Jul 2022 |
Nova Scotia | |||||
Halifax* | -1.07 | 1.14 | 5.91 | -2.41 | May 2024 |
Ontario | |||||
Barrie | -1.06 | 0.16 | 3.54 | -19.52 | May 2022 |
Belleville | -0.35 | -2.91 | -2.88 | -13.70 | Apr 2022 |
Brantford | -3.64 | -3.97 | -5.24 | -21.37 | May 2022 |
Guelph | 0.33 | 0.74 | 3.28 | -13.57 | May 2022 |
Hamilton* | -1.47 | -1.52 | -0.32 | -16.03 | May 2022 |
Kingston | -6.47 | -2.76 | 3.55 | -9.45 | May 2022 |
Kitchener-Cambridge-Waterloo | -0.49 | 0.13 | 2.75 | -14.30 | Apr 2022 |
London | 1.22 | 1.26 | -0.48 | -14.50 | Apr 2022 |
Oshawa | -0.73 | -0.58 | 0.65 | -19.37 | May 2022 |
Ottawa-Gatineau* | 1.26 | 0.61 | 5.05 | -5.74 | Jun 2022 |
Peterborough | 4.09 | 1.57 | 2.79 | -17.10 | May 2022 |
St. Catharines - Niagara | -0.16 | 0.15 | 2.10 | -14.94 | May 2022 |
Greater Sudbury | 2.40 | 0.07 | 7.12 | -3.07 | Oct 2024 |
Thunder Bay | -1.01 | -1.51 | 4.67 | -4.76 | Jun 2024 |
Toronto* | 0.20 | -0.12 | 1.04 | -12.03 | May 2022 |
Windsor | 0.89 | -0.21 | 1.30 | -14.17 | May 2022 |
Quebec | |||||
Montréal* | -0.14 | 0.45 | 6.86 | -0.14 | Dec 2024 |
Québec City* | 0.63 | 3.24 | 13.62 | -0.23 | Nov 2024 |
Sherbrooke | -1.02 | -5.97 | -1.32 | -4.62 | Nov 2024 |
Trois-Rivières | 3.73 | 8.53 | 25.51 | 0.00 | Jan 2025 |
Daren King
Economist
Economics and Strategy Group
National Bank of Canada