Detached house prices fall for fifth month
March 19, 2019
Prices for detached houses in Canada fell in February for the fifth straight month, reports the Teranet National Bank Composite Price Index—dropping 0.4 per cent from January.
But, the report noted, prices were higher in the majority of major cities when compared with February 2018.
The news is hardly a surprise, but Marc Pinosonneault, senior economist at National Bank, threw in a fact to put the numbers into perspective: Aside from the global financial crisis 10 years ago, the current consistent price slide is the largest in 19 years.
Prices were down month-over-month in nine of 11 markets surveyed for the February index. Greater Toronto prices were down 0.2 per cent, while Vancouver was down 0.7 per cent.
However, on an annual basis, detached house prices increased 1.9 per cent in February led by a 6 per cent rise in Ottawa-Gatineau and a 5.2 per cent increase in Montreal. Calgary posted the biggest annual price decline, shedding 2.7 per cent in value, while once high-flying Vancouver prices dropped 1.6 per cent from a year ago. Toronto house prices were up 3.6 per cent—similar to Quebec City which experienced a 3.5 per cent rise in house prices compared to a year earlier.