Canada: House prices continue to tick down in December
January 14, 2019
House prices edged down 0.3% on a seasonally-adjusted monthly basis in December, according to the Teranet-National Bank National Composite House Price Index (November: -0.3% month-on-month s.a.). December’s print showed 7 of the 11 markets surveyed retreated from the previous month, resulting in the third consecutive monthly decline in the Teranet house price index.
In December, prices in Vancouver ebbed 1.2% compared to the previous month, while in Edmonton prices dropped 1.4% over the same period. In contrast, prices ticked up 0.2% in Toronto, which accounts for over a third of the 11-city composite index. Montreal and Ottawa also posted gains in December and ended the year at all-time highs.
In annual terms, housing prices climbed 2.5% in December, softening from the 3.1% increase recorded in November.
Author: Steven Burke, Economist