Month-Over-Month

Before seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM fell 0.8% from September to October, a smaller decline than the 3.1% drop last month.

After seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM decreased by 0.8% from September to October, the fourth consecutive monthly decline, but a smaller decrease than the 1.9% observed in September. In October, 9 of the 11 CMAs included in the index experienced contractions, while prices were up in Calgary (+1.8%) and Edmonton (+2.0%). The largest price declines were in Halifax (-4.7%), Hamilton (-2.8%) and Winnipeg (-2.4%). For the remaining CMAs not included in the composite index, a decrease was observed in 13 of the 20 CMAs. The largest monthly decreases were observed in Belleville (-6.6%), Brantford (-6.5%), St. Catharines (-4.9%) and Abbotsford-Mission (-3.3%). Conversely, notable increases were observed in Peterborough (+5.6% after a decrease of 11.7% the previous month), Saint John (+3.4%) and Lethbridge (+2.3%).

Year-Over-Year

The Teranet–National Bank National Composite House Price IndexTM, covering eleven CMAs around the country, recorded an annual gain of 4.9% in October, the sixth consecutive month of lower growth than the previous month. Increases were seen in all eleven cities in the composite index in October. Calgary led the way with a 16.2% year-over-year price increase, followed by Quebec City with an 8.6% gain and Montreal with an 8.4% increase. As for the other 20 CMAs not included in the composite index, positive annual gains were observed in 16 of them. The strongest growth was recorded in Trois-Rivières (+31.1%) and Saint John (+21.0%), while the largest declines were in Belleville (-5.3%), Peterborough (-2.3%) and Brantford (-2.3%).

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Teranet-National Bank House Price Index Experiences Another Monthly Decline in October