Jan 19, 2023
Canadian home prices fell in December: Housing index
, BNN Bloomberg
Home prices drop most on record
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Home prices fell for a sixth consecutive month in December, according to the Teranet–National Bank National Composite House Price Index.
The price of a home dropped 1.1 per cent in December compared to the month prior, the report released on Thursday revealed. This was slightly lower than the 1.3 per cent decline in home prices for November, it showed.
The largest price contractions were in Winnipeg (1.8 per cent), Calgary (1.1 per cent) and Ottawa-Gatineau (1.1 per cent).
Some of Canada’s hottest markets also showed declines in home prices, including Montreal (0.5 per cent) and Toronto (0.4 per cent).
Conversely, home prices increased in Quebec City (1.3 per cent), Victoria (1.1 per cent) and Hamilton, Ont. (0.8 per cent).
The overall cool down in the Canadian housing market was also reflected on a yearly basis in the data.
For the first time since the 2008-2009 financial crisis, home prices did not rise year-over-year, the index showed.
The price of a home dropped 1.1 per cent in December compared to the month prior, the report released on Thursday revealed. This was slightly lower than the 1.3 per cent decline in home prices for November, it showed.
The largest price contractions were in Winnipeg (1.8 per cent), Calgary (1.1 per cent) and Ottawa-Gatineau (1.1 per cent).
Some of Canada’s hottest markets also showed declines in home prices, including Montreal (0.5 per cent) and Toronto (0.4 per cent).
Conversely, home prices increased in Quebec City (1.3 per cent), Victoria (1.1 per cent) and Hamilton, Ont. (0.8 per cent).
The overall cool down in the Canadian housing market was also reflected on a yearly basis in the data.
For the first time since the 2008-2009 financial crisis, home prices did not rise year-over-year, the index showed.
