The Toronto skyline in Canada

Canada Housing October 2019

Canada: Housing prices fall for the first time in six months in October

House prices decreased 0.1% on a month-on-month non-seasonally-adjusted basis in October, according to the Teranet-National Bank Composite House Price Index, contrasting September’s 0.1% increase. In October, prices in 6 of the 11 markets surveyed rose over the month prior. Year-on-year, house prices were up 1.0%, higher than September’s 0.7% uptick, but still subdued compared to historical standards.

In month-on-month terms, prices in Edmonton, Winnipeg and Hamilton registered the fastest decreases in October, while prices in Toronto—which accounts for over one-third of the 11-city composite index—also decreased. In contrast, prices in Vancouver ticked up for the first time in 15 months.

Going forward, elevated household debt levels and affordability issues—in key housing markets—will likely continue to keep house prices subdued by historical standards. However, tapering mortgage rates and still-solid existing home sales growth should continue to keep housing prices rising modestly.

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