While Calgary average home prices set an all-time record in February, repeat sales data released by the Teranet House Price Index shows that prices actually dropped -1.2% from January. That brings the string of monthly declines to three, with prices now having fallen four out of the past five months.
The -1.2% monthly decline was the second largest recorded of the cities tracked, just behind Victoria’s -1.4% drop.
To add some perspective, Calgary’s HPI also declined for 3 straight months in Jan-March in 2011 and 2012 before posting consecutive months of gains. (see end of post)
In today’s Daily Points, Scotia Economics explains that Teranet HPI is “not seasonally adjusted and often exhibits end of year weakness before the Spring market leads to firmer prices.”
Year-over-year, Calgary house prices were up +3.6%.
Nationally, the HPI was up 2.7% from a year earlier, matching January’s smallest 12-month gain since November 2009. The February composite index was down 0.2% from January, a sixth straight monthly decline.
Here are some other streaks on the go:
- Hamilton (−0.3%) it was the second consecutive monthly decline
- Edmonton (−0.4%) the fourth
- Toronto (−0.3%) the fifth
- Montreal (−0.4%) the sixth
Below are the month over month changes for Calgary so you can see consecutive declines during the winter months is nothing new historically.
Note: For February 2013, the month over month change was -1.25% so Teranet should have rounded it to -1.3%…