Vancouver and Calgary showed a downtrend in home prices consistent with a weakness in sales reported by real estate boards in those regions, according to the September Teranet-National Bank House Price Index.
The index showed home prices rose in five cities for the month: Winnipeg, Montreal, Victoria, Hamilton and Ottawa-Gatineau, while they fell in Toronto, Calgary, Halifax and Quebec City.
Prices were stable in Vancouver and Edmonton.
Year over year, the index rose 2.1%. The largest annual increases were in Vancouver, Victoria, Ottawa-Gatineau, Montreal and Halifax. Conversely, the largest declines were in Edmonton, Toronto and Calgary over the previous year.
“Seasonally adjusted indices extended a string of solid increases over the last few months in Montreal and Ottawa-Gatineau,” said Marc Pinsonneault, senior economist at National Bank, in the report. “Again, this is consistent with the performance of the home resale market.”