Canada: Growth in housing prices contracts again in January
February 12, 2016
The Teranet-National Bank National Composite House Price index fell 0.1% in January over the previous month, mirroring December’s result. The countrywide index witnessed its second decrease since December of 2014, however these winter declines are typical of the highly seasonal index.
Regarding regional developments, Toronto and Vancouver, which together account for 54.0% of the index, recorded a decrease of 0.2% and an increase 0.9%, respectively. Only four of the 11 cities that comprise the index saw monthly price increases, the most significant being Vancouver and Hamilton, which recorded an increase of 1.0%, while Montreal saw the largest decline, falling 1.2%. On an annual basis, house prices rose 5.9% in January, which was down slightly from the 6.2% increase recorded in December.
Author: Robert Hill, Economist