Post Category: Monthly Reports
March 19, 2025

Teranet-National Bank House Price Index decreases in February

MONTH-OVER-MONTH

The Teranet-National Bank Composite House Price Index™, which covers the country’s eleven largest CMAs, declined by 0.1% for a second consecutive month in February after seasonal adjustment. In February, three of the 11 CMAs included in the index experienced declines, namely Victoria (-1.4%), Vancouver (-0.9%) and Toronto (-0.5%). Conversely, prices increased in Halifax (+2.8%), Winnipeg (+0.9%), Montreal (+0.9%), Edmonton (+0.9%), Calgary (+0.8%), Quebec City (+0.6%), Ottawa-Gatineau (+0.3%) and Hamilton (+0.2%). In addition, a decrease was observed in seven of the 20 CMAs not included in the composite index for which data were available in February. The largest monthly decreases were observed in Kingston (-2.8%), Abbotsford-Mission (-1.8%) and Thunder Bay (-1.3%). Conversely, the largest increases occurred in Saint John (+9.8%), Moncton (+8.3%) and Sherbrooke (+6.7% after -6.0% the previous month).

Before seasonal adjustments, the Teranet-National Bank Composite House Price Index™ decreased by 0.1% from January to February.

YEAR-OVER-YEAR

The Teranet-National Bank Composite Home Price Index™ increased by 2.9% from February 2024 to February 2025, a slower growth than the 3.4% observed the previous month. Increases were observed in nine of the 11 cities forming the composite index in February, with Toronto (-0.3%) and Victoria (-0.8%) being the exceptions. Quebec City led the way with a 14.0% year-over-year price increase, followed by Halifax with a 10.0% gain and Montreal with 8.2% growth. Among the 20 other CMAs not included in the composite index, annual gains were observed in 16 of them. Among the markets on the rise, the strongest growth was recorded in Trois-Rivières (+21.9%), Saint John (+14.5%) and Moncton (+12.8%). Conversely, the largest declines occurred in Brantford (-1.1%), Barrie (-0.7%) and Kitchener (-0.7%).

Created with Highstock 4.2.3Zoom1y3y5yAllFromJan 2001ToFeb 202512-Month % ChangeIndex2002200420062008201020122014201620182020202220241995200020052010201520202025-1001020300100200300400
Metropolitan area % change m/m % change m/m, SA % change y/y From peak Peak date
Composite 11-0.13-0.152.87-4.26May 2022
Alberta
Calgary*-0.170.817.11-1.87Oct 2024
Edmonton*-0.850.886.57-0.85Jan 2025
Lethbridge0.990.999.78-1.25Dec 2024
British Columbia
Abbotsford-Mission-1.52-1.773.22-15.71Apr 2022
Kelowna1.072.182.32-7.60Jul 2022
Vancouver*-0.07-0.933.05-4.64Aug 2024
Victoria*0.54-1.43-0.77-7.44May 2022
New Brunswick
Moncton10.428.2812.800.00Feb 2025
Saint John13.459.7514.500.00Feb 2025
Newfoundland
St. John'sn/an/an/an/aAug 2024
Manitoba
Winnipeg*0.940.934.45-4.68Jul 2022
Nova Scotia
Halifax*5.802.829.980.00Feb 2025
Ontario
Barrie1.35-0.25-0.73-18.43May 2022
Belleville0.593.591.50-13.19Apr 2022
Brantford5.393.44-1.08-17.13May 2022
Guelph-1.95-0.371.30-15.25May 2022
Hamilton*-0.270.230.60-16.25May 2022
Kingston-3.35-2.856.54-12.49May 2022
Kitchener-Cambridge-Waterloo-0.310.68-0.69-14.57Apr 2022
London0.221.442.48-14.31Apr 2022
Oshawa-1.09-0.41-0.45-20.25May 2022
Ottawa-Gatineau*0.010.254.28-5.73Jun 2022
Peterborough-0.38-0.153.21-17.42May 2022
St. Catharines - Niagara1.101.531.54-14.00May 2022
Greater Sudbury-0.362.874.51-3.42Oct 2024
Thunder Bay-5.11-1.272.13-9.63Jun 2024
Toronto*-0.34-0.47-0.29-12.33May 2022
Windsor-0.270.432.63-14.40May 2022
Quebec
Montréal*-0.320.888.24-0.46Dec 2024
Québec City*0.940.6114.030.00Feb 2025
Sherbrooke4.146.758.07-0.66Nov 2024
Trois-Rivières1.862.8521.890.00Feb 2025
Report By:

Daren King
Economist
Economics and Strategy Group
National Bank of Canada

The Teranet-National Bank House Price Index™ thanks the author for his special collaboration on this report.

The historical data of the Teranet-National Bank House Price Index™ is available™ at www.housepriceindex.ca.

The Teranet-National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; for a complete description of the methodology, contact us.

The Teranet-National Bank House Price Index™ is an independently developed representation of average home price changes in eleven metropolitan areas: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montreal, Quebec City, Halifax. The national composite 11 index is the weighted average of the eleven metropolitan areas.

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The Teranet-National Bank House Price Index™ is an independently developed representation of the rate of change of Canadian single-family home prices.  The measurements are based on the property records of public land registries. The monthly indices cover eleven Canadian metropolitan areas: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montréal, Québec City, Halifax. The metropolitan areas are combined to form a Canadian composite index.

In addition to their informational role, the Teranet-National Bank House Price Index™ was developed to be a benchmark for financial professionals. Teranet and NBC offer licenses covering all index-linked products.

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For further information about upcoming reports, please contact:

Derek Tinney
Director, Product
Teranet Inc.
Phone: 604-751-2252
Email: derek.tinney@teranet.ca
Michael Pertsis
Director, Mortgage Derivatives
National Bank Financial
Phone: 416-869-7124
Email: Michael.Pertsis@bnc.ca