The price of Calgary homes that have sold at least twice fell both on a monthly and annual basis in December according to the Teranet-National Bank House Price Index.
Prices fell -1.68% from November to December and were down -2.63% year-over-year. Once again, it was the largest drop in the cities tracked by the index.
December marked the third consecutive month of declines for Calgary. Prices are now -3.8% lower than the peak from October 2014.
Vancouver, Toronto, Hamilton & Victoria led in price appreciation, with gains of 12.9%, 9.5%, 8.8% and 8.7% year-over-year.
National Bank economist Marc Pinsonneault wrote that “the collapse in oil prices has translated into house price deflation in Calgary,” and that he expects “a significant deceleration in the national house price index growth rate in 2016.”
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.