Canadian home prices fall for third month in a row, even in Vancouver

Dated: 01/15/2019

Views: 25

Canadian home prices fall for third month in a row, even in Vancouver

'The recent trend of home prices is clearly downward in most metropolitan markets'

TORONTO — Canadian home prices fell in December for the third consecutive month, led by weakness in Edmonton and Vancouver, data showed on Monday.

The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices fell 0.3 per cent last month from November.

Prices fell in seven of the 11 markets surveyed, Teranet said. Edmonton prices fell 1.4 per cent, while prices in Vancouver were down 1.2 per cent. It was the fifth straight month without an index rise for the most populous metropolitan area in British Columbia.

“The recent trend of home prices is clearly downward in most metropolitan markets,” Teranet said in the report.

Canada’s once-hot housing market has softened this year, weighed by tighter mortgage rules and five interest rate hikes from the Bank of Canada since July 2017.

Blog author image

Steven Axford

Steve Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....

Latest Blog Posts

No clear end to pandemic-related uncertainty in B.C. housing market

VANCOUVER — A new forecast says the housing market in British Columbia remains uncertain during the COVID-19 pandemic.Central 1 says it expects home sales to recover marginally in 2020 and

Read More

Victoria real estate market impacted by many different factors in June

A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 per cent more than the 740 properties sold in June 2019 and 76.8 per cent more than the previous month of May

Read More

Why housing is still the best investment for most Canadians

Owning a home remains the largest single investment for most Canadians. So it’s not surprising that fear over an economy turned upside down literally hits home for so many. The Canada

Read More

Victoria real estate activity picks up as restrictions ease

June 1, 2020 A total of 457 properties sold in the Victoria Real Estate Board region this May, 46.1 per cent fewer than the 848 properties sold in May 2019 but 59.2 per cent more than the

Read More