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October 20, 2021TERANET-NATIONAL BANK HOUSE PRICE INDEX, SEPTEMBER 2021 
Growth in Halifax home prices, as measured by the Teranet-National Bank House Price Index, slowed for the fifth consecutive month to 0.4% month-over-month in September 2021. This was the lowest monthly change since August 2020. Home prices in Halifax were 31.7% higher when compared to September 2020.
Looking at the 11-city composite on the Teranet-National Bank House Price Index, monthly resale home price increased 0.1% from the previous month. The slowdown in home prices seen in September was consistent with the slowdown in the number of home sales in recent months according to the Canadian Real Estate Association’s data.
Monthly home prices were up in eight markets led by Winnipeg (+1.0%) and Victoria (+0.6%). Prices were stable in Montreal while Vancouver (-0.3%) and Ottawa (-0.4%) posted monthly declines in September.
Nationally, resale home prices were up 17.3% in September from a year earlier. This was the first time that annual growth was lower than the previous month over the last fourteen months. Halifax (+31.7%) posted the 17th consecutive month of double-digit gains year-over-year and continued to lead the 11 cities index.
Following Halifax, the highest year-over-year gains were recorded in Hamilton (+28.0%) and Ottawa-Gatineau (+25.5%) while slowest gain was recorded in Edmonton (+5.7%).
Comparing the January-September 2021 period with the same period in 2020, Halifax home prices have averaged 27.2% higher, posting the highest year-to-date gain among the composite indexes.
Nationally, home prices were up 14.0% in January-September 2021. After Halifax, Hamilton (+24.6%) and Ottawa-Gatineau (+23.4%) posted the highest gains while the smallest increases were in Calgary (+4.4%) and Edmonton (+4.2%).
Source: Teranet-National Bank
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