The price of Calgary homes that have sold at least twice continued to fall in November according to the Teranet-National Bank House Price Index.
Prices fell -1.2% from October to November and were down -2% year-over-year. Annually, that was the largest drop in the cities tracked by the index.
November was also the second consecutive month of annual declines, something not seen in Calgary since 2011. Prices now sit -2.2% off last October’s peak.
In Edmonton, the price declines were smaller: -0.9% month-over-month and only -0.6% below last year. However, prices are still -3.8% below the peak set way back in September 2007.
Vancouver, Toronto, Hamilton & Victoria led in price appreciation, with gains of 11.3%, 9.7%, 9.6% and 8.7% year-over-year. All four cities climbed to a new price peak in November.
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. All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005.