Canadian home prices dropped in October from the previous month, though less sharply than in September, while year-over-year price gains continued to slow, Teranet–National Bank National Composite House Price data showed on Friday.
The index, which tracks repeat sales of single-family homes in major Canadian markets, dropped 0.8 per cent on the month, led by sharp declines in Halifax, Nova Scotia and Hamilton, Ontario. The major market index is now 7.7 per cent below the May peak, with Hamilton down 15.9 per cent and Halifax down 14 per cent. Calgary and Edmonton, Alberta, by contrast, both hit fresh highs in October.
Prices are still higher than a year ago, up 4.9 per cent from October 2021, but gains continued to slow. The Teranet index tracks closings, so it typically lags realtor sales data by three to five months.
Good! Let the prices hit the floor.