National Bank of Canada House Price Index (Teranet HPI) show all but real estate market experienced a decline in October. The monthly decline has only occurred a handful of times in the index history.
Economist Marc Pinsonneault real estate prices announced the decline. Pinsonneault: “A monthly decline in October has only occurred 4 times in 20 years. It was also the first decline in 8 months. More important, the annual increase accelerated due to the abrupt fall made last year. Basically, the annual acceleration is suspect, and needs confirmation against a more stable period. The trend is also apparent in Toronto, the largest component of the index.
Toronto real estate prices fell monthly, but still printed an annual decline. Toronto’s index fell in percent of 0.18 in October. Vancouver real estate prices made the largest monthly decline of the major markets. Prices fell percent of 0.83 in October. Montreal real estate prices were the only ones to rise a monthly basis. Montreal’ index increased percent of 0.22 in October.