Calgary Home Prices Up From Last January: Teranet HPI

For the second month in a row and for the third time in four months, Calgary home prices declined month-over-month according to Teranet’s House Price Index released today.

Calgary’s index edged down -0.1% between December and January.   Still, prices were up 4.3% from a year earlier.

Note: In January 2012, Calgary prices were down 3/4 months as well, and saw prices continue to fall in February & March before posting gains the following 6 months.

In January the Teranet–National Bank National Composite House Price Index™ was up 2.7% from a year earlier, the smallest 12-month gain since November 2009.  By way of comparison, the U.S. Case-Shiller home price index for 20 urban regions for November (the latest available reading) was up 5.5% from a year earlier.

For the Canadian index, January was the 14th straight month of deceleration in 12-month inflation.

Notable trends:

  • Victoria: the first 12-month gain in 13 months.
  • Vancouver: prices were down 2.5% from a year earlier, for a sixth month of 12-month deflation.
  • Edmonton: third consecutive monthly decline
  • Toronto, Winnipeg: 4 consecutive monthly decline
  • Montreal: 5 consecutive monthly decline
  • Hamilton: 2nd consecutive monthly decline  and the largest in this region in two years

Prices were up 1.4% on the month in Quebec City and Victoria, 1.7% in Halifax (interrupting a sequence of three monthly declines) and 0.5% (interrupting a sequence of four monthly drops) in Ottawa-Gatineau.

Source: Teranet National Bank HPI

Source: Teranet National Bank HPI

Here’s how the m/m percentage change for Calgary has looked over the last couple years:

Jan-2011 -1.0%
Feb-2011 -0.3%
Mar-2011 -0.3%
Apr-2011 0.4%
May-2011 0.5%
Jun-2011 1.7%
Jul-2011 2.5%
Aug-2011 0.7%
Sep-2011 -0.8%
Oct-2011 -1.5%
Nov-2011 -1.6%
Dec-2011 0.7%
Jan-2012 -0.3%
Feb-2012 -0.6%
Mar-2012 -0.7%
Apr-2012 1.4%
May-2012 2.0%
Jun-2012 1.7%
Jul-2012 0.2%
Aug-2012 0.4%
Sep-2012 0.5%
Oct-2012 -0.2%
Nov-2012 0.4%
Dec-2012 -0.9%
Jan-2013 -0.1%

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