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Jan 2023 House Price Index

Paula Tysoski
Thursday, January 19, 2023
Jan 2023 House Price Index

Teranet-National Bank House Price Index continues still down in December MONTH-OVER-MONTH

Before seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM fell 1.1% from November to December, a smaller decline than the 1.3% drop seen last month. After seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM decreased by 0.3% from November to December, the sixth consecutive monthly decline, but a smaller decrease than the 1.0% observed in November. In December, six of the 11 CMAs included in the index experienced contractions: Winnipeg (-1.8%), Calgary (-1.1%), Ottawa-Gatineau (-1.1%), Edmonton (-0.9%), Montréal (-0.5%) and Toronto (-0.4%). Conversely, prices increased during the month in Quebec City (+1.3%), Victoria (+1.1%), Hamilton (+0.8%), Halifax (+0.4%) and Vancouver (+0.1%). For the remaining CMAs not included in the composite index, a decrease was observed in 11 of the 18 CMAs for which data is available in December. The largest monthly decreases were observed in Brantford (-5.6%), Kelowna (-3.8%) and Sherbrooke (-3.7%). Conversely, notable increases were observed in Trois-Rivières (+4.6% after a decrease of 3.1% the previous month) and Thunder Bay (+4.1%). YEAR-OVER-YEAR The Teranet–National Bank National Composite House Price IndexTM, covering eleven CMAs around the country, remained stable from December 2021 to December 2022, the first time since the financial crisis of 2008-09 that the index did not see a year-over-year increase. Increases were still seen in five of the 11 cities in the composite index in December. Calgary led the way with a 12.4% year-over-year price increase, followed by Edmonton with a 6.3% gain, and Quebec City and Halifax with 4.7% increases. Among the lagging markets, prices fell the most in Hamilton (-2.9%), Winnipeg (-2.0%) and Toronto (-1.9%). For the remaining 18 CMAs not included in the composite index, positive annual gains were observed in eight of them. The strongest growth was recorded in Trois-Rivières (+18.7%) and Lethbridge (+7.4%), while the largest declines were in Brantford (-12.1%), Abbotsford-Mission (-5.8%) and London (-5.7%).

Read the full report including interactive charts here

The Teranet-National Bank House Price Index and logo are trademarks of Teranet Inc. (“Teranet”) and National Bank of Canada (“NBC”) and being used with their permission. Teranet, NBC, their affiliates and their suppliers (collectively the “HPI Group”): (a) do not endorse nor make any warranties about the contents of this work, and expressly disclaim all warranties with respect to the contents of this work; and (b) have provided the Teranet-National Bank House Price Index™ and the data or statistics therein on an “as is” basis and will not, for any reason, be liable for any damages or liabilities related to the Teranet-National Bank House Price Index™ and the data or statistics therein.

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