Home price growth flat for fifth month
November 29, 2021
Canadian home prices were flat in October 2021 compared to September 2021, according to the Teranet-National Bank Composite House Price Index.
The Index tracks repeat sales of single-family homes in 11 major Canadian markets. Price growth has been slowing for the last five months.
“The slowdown in price growth can be linked to the slowdown in housing sales reported in recent months,” Daren King, an economist at National Bank of Canada, said in a statement.
“However, prices could start to rise again in the coming months given the very limited supply of properties for sale.”
Seven of the 11 major markets rose, led by a 0.9 per cent gain in Hamilton, Ontario. Prices were flat in Winnipeg and fell in Montreal, Vancouver and Ottawa-Gatineau.
On an annual basis, the Index was up 15.8 per cent—decelerating for the second consecutive month after it notched record annual growth in August 2021. Halifax led the Index with a 30.3 per cent annual gain, while Hamilton registered a 26.5 per cent annual gain.