Canadian home prices dipped 0.1% in January compared to the previous month, says the Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes.

Of the 11 major markets studied in the monthly index, seven — including the typically hot Toronto market — posted month-over-month price declines. Toronto’s -0.2% drop was the city’s first monthly price depreciation in 11 months. Other markets to post declines include Montreal (-1.2%), Calgary (-0.7%) and Edmonton (-0.5%).

Home values were up in January over December in Winnipeg (+0.3%), Victoria (+0.7%), Vancouver (+0.9%) and Hamilton (+1.0%). For Victoria, Vancouver and Hamilton, last month marked a new peak for each of those three cities on the index.

Despite the national monthly price decline in January, the composite price was still up 5.9% compared to the same month a year ago. Teranet describes it as a “quite respectable gain,” but points out it is the smallest year-over-year price increase in three months.

“The strength came from just four markets whose 12-month gains were well above the countrywide average — Vancouver (12.5%), Hamilton (10.3%), Toronto (8.6%) and Victoria (8.5%),” Teranet said in its report.

Teranet : Canadian House Prices Edge Down in January by Michael Aynsley | Buzz Buzz Home