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