Carli – Page 16 – House Price Index

December 12, 2018

Home price indexes down in November in all markets except Quebec City, Halifax and Victoria

In November the Teranet–National Bank National Composite House Price IndexTM was down 0.3% from the previous month.[1] A November decline is not the norm – this was only the fourth in 20 years of index history. It was the second consecutive monthly decline. November’s retreat was quite broad-based: component indexes were down on the month […]

Post Category: News and Economic Reports

December 12, 2018

Home prices: Second monthly drop in a row

Home price weakness in some major metropolitan areas is evidenced by a second consecutive decline in the national Composite Index. In the most expensive markets, new mortgage qualification rules and the rise in interest rates have cooled demand significantly. For instance, in Vancouver, November was a fourth month in a row without a rise in […]

November 15, 2018

Home price index down in October in all component markets except Montreal

In October the Teranet–National Bank National Composite House Price IndexTM was down 0.4% from the previous month.[1] An October decline is not the norm – this was only the fourth in 20 years of index history. It was also the first index decline in eight months. The most striking aspect of the retreat is its […]

November 15, 2018

Home prices fall in October

Home prices are showing signs of weakness at the national level (left chart), but the market is far from being homogeneous. For example, Vancouver showed no gain for a third month in a row, for a cumulative loss of 1.2%. Moreover, the weakness extends to condos as well as to more expensive dwellings. This is […]

November 15, 2018

Housing affordability worsens again in Q3 2018

In Q3, affordability worsened in no less than 9 out of ten urban markets which explains the 13th consecutive deterioration of our urban composite index. Expensive housing markets such as Vancouver and Toronto slowed down markedly in 2018 and home prices even declined in Q3 due to the combined effect of rising mortgage rates (up […]

October 12, 2018

National Composite Index: Flat in September

In September the Teranet–National Bank National Composite House Price IndexTM came in flat from the month before,[1] matching the historical average for September since 2010. Only five of the 11 metropolitan markets surveyed showed gains, the weakest diffusion in six months. These were Winnipeg (1.1%), Montreal (0.5%), Victoria (0.5%), Hamilton (0.2%) and Ottawa-Gatineau (0.1%). For […]

October 12, 2018

Weakness in Vancouver and Calgary

When seasonal effects are removed, the Composite price index edged up in September, recovering some of the ground lost in previous months. While this applies in particular to Toronto, it is not the case for Vancouver and Calgary, where the seasonally adjusted indices extended a string of declines (left chart). This downtrend in home prices […]

September 12, 2018

Affordability erodes again in Q2

Mortgage interest rates were on the rise for a fourth consecutive quarter in Q2. As a result, affordability worsened in no less than 7 out of ten urban markets which explains the 12th consecutive deterioration of our urban composite index. Unsurprisingly, the rise in interest rates hit harder for the priciest markets in the country […]

September 12, 2018

Weakness in Toronto and Vancouver after seasonal adjustment

In August the Teranet–National Bank National Composite House Price IndexTM was up 0.2% from the previous month.[1] Removing normal seasonal patterns (seasonal adjustment), the index would have been virtually flat, following retreats in June and July. In other words, after seasonal adjustment, the downtrend of June and July did not turn around in August. Individual […]

September 12, 2018

Weakness in Toronto and Vancouver

OPINION: The published Composite index rose in August for a fifth month in a row, but these rises only reflect usual seasonal patterns over this time of the year. Indeed, after seasonal adjustment, the Composite index was actually flat in August after drops in June and July. So, at the national level, the national market is […]

Author: Carli