October Home Prices Up 3.4% From a Year Earlier

The Teranet-National Bank National Composite House Price Index™ for October was up 3.4% from a year earlier, for an 11th consecutive month of deceleration in 12-month inflation. Up through September this cross-country trend was replicated in the Vancouver market, but in October this was no longer the case. In Montreal 12-month inflation has decelerated in 10 of the last 11 months, in Toronto in each of the last six months, in Winnipeg in each of the last four months. Twelve-month price changes continue to vary widely. In October the 12-month gain exceeded the national average by a wide margin in four metropolitan areas: Halifax (8.9%), Hamilton (7.2%), Toronto (6.4%) and Winnipeg (5.9%).

In Montreal (3.6%) and Calgary (3.5%), it was close to the national average. In Quebec City and Edmonton the 12-month rise was 2.6% and in Ottawa-Gatineau it was 2.5%. Prices were down from a year earlier in Vancouver (?1.0%) and Victoria (?1.7%).

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