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August 18, 2023TERANET-NATIONAL BANK HOUSE PRICE INDEX, JULY 2023 Monthly (July 2023 vs June 2023, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), increased 4.9% from June to July. The composite 11-city index of resale house prices increased 2.4% with the largest increase in Halifax followed by Hamilton. Québec City reported the largest decline in resale house prices over the last month.
Year-over-year (July 2023 vs July 2022)
Halifax resale home prices were up 2.0% from July 2022 to July 2023. In the 11-city composite index, prices were down 1.9% with declines in 7 of 11 cities. Hamilton reported the sharpest year-over-year decline. Calgary reported the largest gain in resale house prices from 2022 to 2023 while changes in resale home prices in Edmonton experienced a negligible increase.
Year-to-date (January-July 2023 vs January-July 2022)
Halifax resale home prices were down 3.4% comparing the average of the first seven months of 2023 with the same period in 2022. Prices were down 5.4% in the 11-city composite index with declines in 8 of the 11 cities. Hamilton reported the largest decline while Calgary reported the biggest gain.
Trends
After peaking earlier in 2022, year-over-year house price growth slowed dramatically and then turned negative, both in Halifax and across the national 11-city composite average. Halifax house prices grew in July 2023 while the 11-city composite index was down.
All of the cities in the 11-city composite index reported peaks in resale home prices in 2022. Since peaking at various times in 2022, resale home prices in all major urban markets have declined. Recent trend shows price growth in 8 of the 11 cities.
As of July 2023, Halifax seasonally adjusted resale home prices had contracted 2.0% from the peak they reached in May 2022. The 11-city composite index is 3.8% lower than its peak in April 2022. Among major urban centres, the largest decline from peak to the current month was reported in Hamilton, where prices declined 13.1% from their May 2022 peak. Declines from peak were more modest in Calgary as well as in Québec and Halifax. Québec City home prices were at their highest level in June 2023.
Source: Teranet-National Bank
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