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.
