Month-Over-Month

Before seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM fell 1.1% from November to December, a smaller decline than the 1.3 percent drop seen last month.

After seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM decreased by 0.3% from November to December, the sixth consecutive monthly decline, but a smaller decrease than the 1.0% observed in November. In December, six of the 11 CMAs included in the index experienced contractions: Winnipeg (-1.8%), Calgary (-1.1%), Ottawa-Gatineau (-1.1%), Edmonton (-0.9%), Montréal (-0.5%) and Toronto (-0.4%). Conversely, prices increased during the month in Quebec City (+1.3%), Victoria (+1.1%), Hamilton (+0.8%), Halifax (+0.4%) and Vancouver (+0.1%). For the remaining CMAs not included in the composite index, a decrease was observed in 11 of the 18 CMAs for which data is available in December. The largest monthly decreases were observed in Brantford (-5.6%), Kelowna (-3.8%) and Sherbrooke (-3.7%). Conversely, notable increases were observed in Trois-Rivières (+4.6% after a decrease of 3.1% the previous month) and Thunder Bay (+4.1%).

Year-Over-Year

The Teranet–National Bank National Composite House Price IndexTM, covering eleven CMAs around the country, remained stable from December 2021 to December 2022, the first time since the financial crisis of 2008-09 that the index did not see a year-over-year increase. Increases were still seen in five of the 11 cities in the composite index in December. Calgary led the way with a 12.4% year-over-year price increase, followed by Edmonton with a 6.3% gain, and Quebec City and Halifax with 4.7% increases. Among the lagging markets, prices fell the most in Hamilton (-2.9%), Winnipeg (-2.0%) and Toronto (-1.9%). For the remaining 18 CMAs not included in the composite index, positive annual gains were observed in eight of them. The strongest growth was recorded in Trois-Rivières (+18.7%) and Lethbridge (+7.4%), while the largest declines were in Brantford (-12.1%), Abbotsford-Mission (-5.8%) and London (-5.7%).

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Teranet-National Bank House Price Index Continues Still Down in December