Canada: Growth in housing prices inches down in December
January 14, 2016
The Teranet-National Bank National Composite House Price index fell 0.1% in December over the previous month. The reading was below November’s 0.2% increase. The countrywide index witnessed its first decrease since December of 2014, which is typical of the highly cyclical index.
Regarding regional developments, Toronto and Vancouver, which together account for 54.0% of the index, recorded increases of 0.2% and 1.1%, respectively. Only five of the 11 cities that comprise the index saw monthly price increases, the most significant being Vancouver and Halifax, which saw an increase of 1.8%, while Calgary saw the largest decline, falling 1.7%. On an annual basis, house prices rose 6.2% in December, which was up slightly from the 6.1% increase recorded in November.
Author: Robert Hill, Economist