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January 20, 2020TERANET-NATIONAL BANK HOUSE PRICE INDEX, DECEMBER AND ANNUAL 2019 
In December, Halifax home prices as measured by the Teranet-National Bank House Price Index increased 0.7 per cent compared to the previous month. With the recent run of price increases, Halifax house price levels were up 7.4 per cent compared to December 2018.
Monthly resale home prices edged up 0.2 per cent for the 11-city composite of the Teranet-National Bank House Price Index compared to November 2019. Higher housing prices were reported for 6 of 11 cities in December, with the largest monthly increases in Halifax (0.7 per cent), Montreal (0.4 per cent), Toronto (0.4 per cent) and Hamilton (0.4 per cent). The substantial monthly house price decline was observed in Calgary (-0.6 per cent).
National year-over-year price growth increased to 2.0 per cent in December. Home price inflation has slowed considerably from the pace observed in 2017. Year-over-year price growth in Halifax has accelerated to 7.4 per cent in December after 6.8 per cent in November.
Halifax year-over-year price growth increased to 7.4 per cent in December. Year-over-year prices were positive in 8 of the 11 major metropolitan markets, with the largest increases in both Halifax and Ottawa-Gatineau (+7.4 per cent), followed by Montreal (6.4 per cent) and Hamilton (5.9 per cent). Price declines were reported for Vancouver (-4.0 per cent), Edmonton (-1.5 per cent) and Calgary (-0.9 per cent).
ANNUAL
Comparing 2019 with 2018, resale home prices were up 4.1 per cent for the Halifax index and 1.2 per cent for the 11-city composite of the Teranet-National Bank House Price Index. The strongest gains were reported in Ottawa-Gatineau (6.6%) and Montreal (5.6%), followed by Hamilton (4.5%).
2016 saw Halifax resale prices lower than the previous year, but the past three years have shown positive price growth (2.2 per cent in 2017, 3.7 per cent in 2018, and 4.1 percent in 2019). 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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