House prices down 0.3 per cent in November

House prices were down in November, the first monthly decline in a year, according to a new report.


The Teranet-National Bank National Composite House Price Index shows that prices were down in eight of the 11 metropolitan markets it surveys, flat in two and up in only one.


Prices fell 1.6 per cent in Halifax, 1.5 per cent in Quebec City, one per cent in Montreal, 0.7 per cent in Winnipeg, 0.6 per cent in Ottawa-Gatineau, 0.3 per cent in Toronto and Victoria and 0.2 per cent in Calgary.


Prices were flat in Vancouver and Hamilton, and rose 1.1 per cent in Edmonton. It was the first time in two years that prices were up on the month in only one of the markets surveyed.


This November’s 0.3 per cent decline meant that 12‑month home price inflation decelerated from 5.4 per cent in October to 5.2 per cent in November.


That countrywide average was largely exceeded in Calgary (9.2 per cent), Toronto (7.3 per cent), Hamilton (7.0 per cent), Edmonton (6.2 per cent) and Vancouver (5.9 per cent).


Unsurprisingly, the resale market in these five urban areas is balanced or even tight. The 12-month increase was more moderate in Winnipeg (1.5 per cent), Victoria (1.4 per cent) and Montreal (0.6 per cent).


Prices were down from a year earlier in Ottawa-Gatineau (−0.2 per cent), in Quebec City (-0.3 per cent) and Halifax (−1.8 per cent).


The composite index has been up from a year earlier for 62 months now, since October 2009. The only one of the 11 markets to match that run is Toronto, though Hamilton comes close with 60 months.

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