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%).
- 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 | -0.15 | 2.87 | -4.26 | May 2022 |
Alberta | |||||
Calgary* | -0.17 | 0.81 | 7.11 | -1.87 | Oct 2024 |
Edmonton* | -0.85 | 0.88 | 6.57 | -0.85 | Jan 2025 |
Lethbridge | 0.99 | 0.99 | 9.78 | -1.25 | Dec 2024 |
British Columbia | |||||
Abbotsford-Mission | -1.52 | -1.77 | 3.22 | -15.71 | Apr 2022 |
Kelowna | 1.07 | 2.18 | 2.32 | -7.60 | Jul 2022 |
Vancouver* | -0.07 | -0.93 | 3.05 | -4.64 | Aug 2024 |
Victoria* | 0.54 | -1.43 | -0.77 | -7.44 | May 2022 |
New Brunswick | |||||
Moncton | 10.42 | 8.28 | 12.80 | 0.00 | Feb 2025 |
Saint John | 13.45 | 9.75 | 14.50 | 0.00 | Feb 2025 |
Newfoundland | |||||
St. John's | n/a | n/a | n/a | n/a | Aug 2024 |
Manitoba | |||||
Winnipeg* | 0.94 | 0.93 | 4.45 | -4.68 | Jul 2022 |
Nova Scotia | |||||
Halifax* | 5.80 | 2.82 | 9.98 | 0.00 | Feb 2025 |
Ontario | |||||
Barrie | 1.35 | -0.25 | -0.73 | -18.43 | May 2022 |
Belleville | 0.59 | 3.59 | 1.50 | -13.19 | Apr 2022 |
Brantford | 5.39 | 3.44 | -1.08 | -17.13 | May 2022 |
Guelph | -1.95 | -0.37 | 1.30 | -15.25 | May 2022 |
Hamilton* | -0.27 | 0.23 | 0.60 | -16.25 | May 2022 |
Kingston | -3.35 | -2.85 | 6.54 | -12.49 | May 2022 |
Kitchener-Cambridge-Waterloo | -0.31 | 0.68 | -0.69 | -14.57 | Apr 2022 |
London | 0.22 | 1.44 | 2.48 | -14.31 | Apr 2022 |
Oshawa | -1.09 | -0.41 | -0.45 | -20.25 | May 2022 |
Ottawa-Gatineau* | 0.01 | 0.25 | 4.28 | -5.73 | Jun 2022 |
Peterborough | -0.38 | -0.15 | 3.21 | -17.42 | May 2022 |
St. Catharines - Niagara | 1.10 | 1.53 | 1.54 | -14.00 | May 2022 |
Greater Sudbury | -0.36 | 2.87 | 4.51 | -3.42 | Oct 2024 |
Thunder Bay | -5.11 | -1.27 | 2.13 | -9.63 | Jun 2024 |
Toronto* | -0.34 | -0.47 | -0.29 | -12.33 | May 2022 |
Windsor | -0.27 | 0.43 | 2.63 | -14.40 | May 2022 |
Quebec | |||||
Montréal* | -0.32 | 0.88 | 8.24 | -0.46 | Dec 2024 |
Québec City* | 0.94 | 0.61 | 14.03 | 0.00 | Feb 2025 |
Sherbrooke | 4.14 | 6.75 | 8.07 | -0.66 | Nov 2024 |
Trois-Rivières | 1.86 | 2.85 | 21.89 | 0.00 | Feb 2025 |
Daren King
Economist
Economics and Strategy Group
National Bank of Canada