Month-Over-Month

Before seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM fell 3.1% from August to September, the largest monthly decline on record since the index began in 1999 and shattering the previous month’s record decline of 2.4%.

After seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM fell 2.0% from August to September, a monthly drop that equalled the previous month’s record and the fifth consecutive decline. In September, eight of the 11 CMAs included in the index experienced contractions, while prices were up in Calgary (+1.2%), Halifax (+1.1%) and Edmonton (+0.2%). The largest price declines were in Victoria (-5.9%), Vancouver (-3.5%) and Hamilton (-2.1%). For the remaining CMAs not included in the composite index, a decrease was observed in 18 of the 20 CMAs. The largest monthly decreases were observed in Peterborough (-11.8%), Windsor (-5.4%), Belleville (-5.1%) and London (-5.0%). Conversely, Trois-Rivières (+5.5%) and Brantford (+2.0%) were up.

Year-Over-Year

The Teranet–National Bank National Composite House Price IndexTM, covering eleven CMAs around the country, recorded an annual gain of 6.0% in September, the fifth consecutive month of lower growth than the previous month. Increases were seen in all eleven cities in the composite index in September. Halifax led the way with a 16.4% year-over-year price increase, followed by Calgary with a 14.7% gain and Montreal with a 10.8% increase. As for the other 20 CMAs not included in the composite index, positive annual gains were observed in 19 of them, with Peterborough being the exception (-6.6%). In the remaining cities, increases ranged from 2.0% in London to 19.6% in Trois-Rivières.

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