House prices were down by 0.3 per cent nationwide in November with cooler conditions even blowing through Calgary and Toronto. The latest Teranet
Home Price Index shows that eight of the 11 major Canadian markets saw prices easing and the national decline was the first for a year. The lowering prices range from 1.6 per cent in Halifax to 0.2 per cent in Calgary. Year-over-year prices of course are a different story; Calgary up 9.2 per cent; Toronto up 7.3 per cent; Hamilton up 7 per cent; Edmonton up 6.2 per cent; Vancouver up 5.9 per cent. The report notes that the slight decline in prices over a month does not detract from the markets where prices are still at near-record levels and the bank expects that it will only really change when interest rate rises put pressure on affordability.