Month-Over-Month

Before seasonal adjustment, the Teranet–National Bank National Composite House Price Index decreased 0.3% from June to July, the first monthly decline since September 2019.

After seasonal adjustment, the Teranet–National Bank National Composite House Price Index decreased 0.2% from June to July, the first reduction since June 2020. In July, four of the 11 CMAs included in the index experienced contractions: Toronto (-1.1%), Halifax (-1.0%), Hamilton (-0.7%) and Ottawa-Gatineau (-0.2%). Price increases were observed in the other CMAs, with the largest gains during the month in Calgary (+2.3%) and Quebec City (+1.7%). For the other CMAs not included in the composite index, a decrease was observed in 12 of the 20 CMAs. The largest monthly declines were in Abbotsford-Mission (-2.7%), Oshawa (-2.5%), Kitchener (-2.2%) and Brantford (-2.1%). Conversely, the largest increases were observed in Sherbrooke (+3.1%), Saint John (+2.4%) and Moncton (+1.8%).

Year-Over-Year

The Teranet–National Bank National Composite House Price Index, covering eleven CMAs around the country, recorded an annual gain of 14.2% in July, down from the previous month’s growth for a third consecutive month. Increases were seen in all eleven cities in the composite index in July. Halifax led the way with a 25.7% year-over-year price increase, followed by Hamilton with a 21.2% gain and Victoria with an 18.1% increase. For the remaining 20 CMAs not included in the composite index, positive annual gains were observed in all of them, ranging from 5.4% in Lethbridge to 27.4% in Moncton.

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Teranet-National Bank House Price Index Falls from Its Peak in July by Daren King | Economist