The Teranet-National Bank Composite House Price Index lost 1% in October compared to September, the largest decline since September 2010.
The index is a representative measure of house prices based on a base value of 100 set in June 2005. In October the Composite 11 was at 218.13, up 10% from a year earlier.
This was largely due to a 2.8% drop in Toronto but Hamilton (-1.8%), Edmonton (-0.7%), Winnipeg (-0.7%), Ottawa-Gatineau (-0.3%) and Calgary (-0.2%) also posted declines.
There were gains for Halifax (1.3%), Vancouver (0.7%), Quebec City (0.6%), Montreal (0.4%) and Victoria (0.1%).
While Toronto’s index declined for the third consecutive month, it remains 13.43% above a year ago. Hamilton’s index is more than 15% higher year-over-year.
The Vancouver, Victoria and Montreal indexes were at record highs in October.
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A measure of Canadian home prices has been heavily impacted by a moderation of prices in Toronto.