Calgary home prices were 5.6% higher in February than the year before according to the Teranet – National Bank House Price Index™ released today. Annual price growth decelerated from the 7.1% gain recorded in January.
Prices were down -0.3% on a monthly basis in February, extending the downturn to four consecutive months for a cumulative decline of 2.3% (Nov: -0.2%, Dec: -1.1%, Jan: -0.7%) The last time Calgary had a four month slide was in August-November 2010.
The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method.