After 4 consecutive months of decline, Calgary showed a slight increase in December according to the Teranet-National Bank House Price Index released today.
Calgary prices were up 0.1% from the previous month but were down 2.9% from December 2009. Like the previous release, Calgary was the only market to see a decline in house prices on an annual basis.
Canadian home prices in December were up 0.3% from the previous month. The advance followed three consecutive monthly declines. The 12-month gain in the composite index slowed in December to 4.1%. It was the sixth month in a row of deceleration.
Source: www.housepriceindex.ca (click to enlarge)
All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005.
So the $423,000 question – will the surge to beat the lending changes drive the median SFH price up to the March 2010 peak? Looking at the pending sales there’s definitely still buyers out there. Of course Mark Carney might say that these people can’t afford to buy…