House Prices Fall for Second Straight Month

Data released Wednesday showed Canadian home prices fell in November for the second consecutive month as declines were seen across much of the country.

The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, revealed prices fell 0.3% in November from October.

The survey also showed prices were down in eight of the 11 metropolitan markets surveyed. Vancouver, Calgary and Edmonton led the declines, with 0.6% drops. Prices in Toronto, the country's biggest city, were down 0.1%.

Teranet concluded that, on a year-over-year basis, the index climbed 3.1%, a bigger annual rise than the previous three months.