Canadian Home Prices Dropped 1.1% In December

Home prices across Canada declined an average of 1.1% in December from a month earlier, according to the Teranet–National Bank Composite House Price Index.

December marked the sixth consecutive month in which home prices in Canada decreased. In November, home prices throughout Canada fell an average of 1.3%.

Additionally, Canadian home prices fell in 2022 on a yearly basis. For the first time since the 2008-09 financial crisis, home prices in Canada did not rise year-over-year, the index showed.

The largest price declines were seen in Winnipeg (down 1.8%), Calgary (1.1%) and Ottawa (1.1%).

Home prices in Montreal fell 0.5% in December, while in Toronto prices contracted 0.4%.

However, prices rose in a few markets across Canada, including Quebec City (up 1.3%), Victoria (1.1%) and Hamilton, Ontario (up 0.8%).