Canadian home prices in September were down 1.1% from the previous month, according to the Teranet-National Bank National Composite House Price Index released today.
The monthly decline ended a string of 16 consecutive increases in the composite index since the last monthly deflation in April 2009. For the first time since February 2009, prices fell in all six of the metropolitan markets surveyed.
Year-over-year, Canadian real estate values were up 7.9%, showing increases in all cities surveyed with the largest YoY increase in Vancouver & Ottawa at 9.2%.
In Calgary, house prices were down 2.2% from the previous month. It was the second consecutive monthly decline. Year-over-year, Calgary house prices were up 1.7%.