Momentum may be slowing down on at least one area of the Canadian economy: data released Wednesday showed home prices fell in January for the fourth consecutive month led by weakness in major Western Canadian cities.
The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices fell 0.1% last month from December 2018.
Teranet went on to say prices fell in four of the 11 markets surveyed, with cities in the oil-rich province of Alberta posting the largest drops. Edmonton prices fell 0.8%, while prices in Calgary were down 0.5%.
Vancouver prices fell 0.3%. It was the sixth straight month of declines for Pacific Coast city, which boasts the most expensive housing market in Canada.
