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January 21, 2025TERANET-NATIONAL BANK HOUSE PRICE INDEX, DECEMBER AND ANNUAL 2024 Monthly (December 2024 vs November 2024, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), rose by 0.8% from November to December.
The composite 11-city index of resale house prices grew 0.8% with gains in nine of 11 urban areas. Québec City and Victoria reported the only declines in house prices while Edmonton reported the fastest gain.
Year-over-year (December 2024 vs December 2023)
Halifax resale home prices were up 4.2% year-over-year. Prices for the 11-city composite index were up 3.7% with gains in all urban centres. Québec City reported the fastest pace of growth over December 2023 while Toronto and Victoria reported weakest gains.
Annual average (2024 vs 2023)
Halifax resale home prices were up 5.9% comparing the average values of 2024 with the average for 2023. Prices were up 3.3% in the 11-city composite index with gains in all cities. Calgary reported the fastest gain while Victoria and Toronto reported the smallest gains.
Trends
After recording year-over-year house price declines for most of the first half of 2023, Halifax resale home prices returned to positive year-over-year growth starting in the second half of 2023. Year-over-year house price growth in Halifax has outpaced national gains in each of the last eight months.
Vancouver, Calgary, Winnipeg, Montréal and Halifax set new highs for resale house prices in December.
Looking at annual averages of the Teranet-National Bank House Price Index for Halifax, growth has resumed in 2024 after slowing considerably in 2023. However, the pace of growth was not as quick as observed in 2021 and 2022.
Source: Teranet-National Bank
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