Canadian home prices in November were down 0.2% from the previous month, according to the Teranet-National Bank National Composite House Price Index™ released today. Year-over-year, Canadian prices were up 4.9%.
In Calgary, prices dropped for the 4th consecutive month. Between October and November, prices were down 0.7%. Prices were also down 1.5% from the previous year – the only city surveyed to be down on an annual basis.
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A quick update on the market:
In the January 1-21 post, I said that in order for SFH sales to be up YoY, “we’ll see if it matches the month-end spike” in pending sales – and it certainly has:
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Month-to-date, sales are up 6% from the same time period last year.
Condo sales have been much weaker. Pending sales have been trending below 2010′s levels for the entire month:
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Sales MTD are down 25% from last year.
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Time Frames
Are you the patient type? If you’re counting on Garth Turner’s forecasts coming to fruition, I hope you are. Speaking of how the US market is still tumbling, in today’s post he asks:
“Could that happen here between, say, late 2011 and 2016?“
2016.
