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For additional information relating to this article, please contact:

Barbara Ruszel Economist
Tel: 902-424-1848Email: Basia.Ruszel-Lichodzijewska@novascotia.ca

January 14, 2019
TERANET-NATIONAL BANK HOUSE PRICE INDEX, DECEMBER 2018

In December, Halifax home prices as measured by the Teranet-National Bank House Price Index increased 0.1 per cent compared to the previous month. The Halifax price level was down only slightly (0.0%) over December 2017.

National year-over-year price growth was 2.5 per cent in December. National year over year price growth has slowed considerably since the time period June 2016 to September 2017 where price growth was over 10 per cent. Year over year growth has been below five per cent since May 2018.       

National resale home prices measured by the Teranet-National Bank House Price Index were down 0.3 per cent month-to-month, with all cities except Toronto, Ottawa, Montreal and Halifax reporting declines. 

Year-over-year, resale home prices are up 2.5 per cent for the 11-city composite of the Teranet-National Bank House Price Index, with 6 of the 11 cities reporting higher housing prices compared to one year ago.  The largest increases were reported in Victoria and Ottawa-Gatineau, while Calgary, Edmonton, Winnipeg, and Quebec City reported declines. 

 

ANNUAL

Comparing 2018 with 2017, resale home prices were up 3.7 per cent for the Halifax index and 4.0 per cent for the 11-city composite of the Teranet-National Bank House Price Index.  The strongest gains were reported in Vancouver (10.3%) and Victoria (8.3%), followed by Ottawa-Gatineau (4.6%) and Montreal (4.4%).

2016 saw Halifax resale prices lower than the previous year, but the past two years have shown positive price growth (2.2 per cent in 2017 and 3.7 per cent in 2018). The last ten years have seen only two years of declining overall prices in the Halifax market. 

 Source: Teranet National-Bank



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