Sometimes being the odd one out is a good thing. Between October and November only Calgary prices showed an increase of all the markets surveyed in Teranet’s House Price Index released today.
Month-over-month, Calgary’s index increased 0.4 %. Year-over-year, that increase was 5.7%.
With all the talk about Alberta’s market set to outperform the rest of Canada, it’s interesting that Edmonton prices aren’t keeping pace with Calgary lately – falling nearly 1% from the previous month and up only 1.6% y/y.
The Teranet-National Bank National Composite House Price Index for November was up 3.3% from a year earlier, “for a 12th consecutive month of deceleration in 12-month inflation.” (translation: prices are still up y/y but growth is shrinking)
The only year-over-year declines in the HPI were courtesy of the BC cities in the Index: Victoria -1.7%, Vancouver -1.4%
The composite index was down 0.4% from October. It was the fourth November monthly decline in 13 years of data, including November 2008 when the country was on the verge of recession. For the first time since February 2009, when the recession was in full swing, prices were down from the month before in 10 of the 11 markets surveyed.
For Quebec City (−0.1%) and Victoria (−0.9%) it was the fourth straight monthly decline. For Montreal (−0.4%) and Ottawa-Gatineau (−0.5%) it was the third, for Toronto (-0.3%) and Halifax (−0.9%) the second.