Month-Over-Month

Before seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM fell 2.4% from July to August, the largest monthly decline on record since the index began in 1999.

After seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM fell 2.1% from July to August, a record monthly drop and the fourth consecutive decline. In August, nine of the 11 CMAs included in the index experienced contractions, while prices were up in Calgary (+1.3%) and Edmonton (+2.8%). The largest price declines were recorded in Hamilton (-5.4%), Ottawa-Gatineau (-3.8%), Halifax (-3.6%) and Toronto (-3.5%). For the remaining CMAs not included in the composite index, a decrease was observed in 19 of the 20 CMAs. The largest monthly declines were in Saint John (-7.8%), Brantford (-7.7%), Barrie (-6.7%) and Kitchener (-6.2%). Conversely, only Lethbridge was up (+2.6%).

Year-Over-Year

The Teranet–National Bank National Composite House Price IndexTM, covering eleven CMAs around the country, recorded an annual gain of 8.9% in August, the fourth consecutive month of lower growth than the previous month. Increases were seen in all eleven cities in the composite index in August. Halifax led the way with a 15.4% year-over-year price increase, followed by Victoria with a 14.8% gain and Calgary with a 13.6% increase. For the remaining 20 CMAs not included in the composite index, positive annual gains were observed in all of them, ranging from 6.0% in Lethbridge to 22.9% in Moncton.

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Teranet-National Bank House Price Index Sees Record Monthly Decline in August