Canadian home prices drop in December, extending decline from May peak
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Canadian home prices fell in December from the previous month, extending their decline from a May peak, while prices were no longer up on a year-over-year basis, Teranet–National Bank National Composite House Price data showed on Thursday.
The index, which tracks repeat sales of single-family homes in major Canadian markets, dropped 1.1 per cent on the month, led by declines in Winnipeg and the metropolitan area of Ottawa-Gatineau.
From its peak in May, the index has now fallen 10 per cent, with Hamilton down 17.5 per cent and Toronto, Canada’s most populous city, falling 14.3 per cent.
Prices were flat compared with December 2021, marking the first time since the 2008-09 global financial crisis that the index did not see a year-over-year increase, Daren King, an economist at National Bank of Canada said in a statement.
The Teranet index tracks closings, so it typically lags realtor sales data by three to five months.
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