BREAKING NEWS

January 26, 2011

Calgary house prices decline by 1.5% in November

CALGARY - A regular survey of house prices in six major Canadian metropolitan centres shows Calgary was the only one to experience a year-over-year decrease in homes sold more than once.

The Teranet-National Bank National Composite House Price Index said Calgary house prices dropped by 1.5 per cent in November compared with a year ago and they were also down by 0.7 per cent from October.

The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.

Calgary's monthly decline was the fourth in a row for the city.

Overall, Canadian home prices in November were down 0.2 per cent from the previous month, but up 4.9 per cent on an annual basis.

November prices were down from the previous month in four of the six metropolitan markets surveyed. Declines of 0.9 per cent in Ottawa and 0.5 per cent in Toronto were each the third in a row. Halifax prices were down 0.8 per cent. Montreal prices were again flat from the month before. Prices in Vancouver were up 0.6 per cent.

"After three consecutive months of decline in the composite index, Canadian home prices are still 4.8 per cent above the pre-recession peak of August 2008," said the report.

The national 12-month increase was the smallest since December 2009. Market by market, the 12-month changes are: increases of 7.2 per cent in Ottawa, 7.1 per cent Montreal, 5.9 per cent in Vancouver, 5.1 per cent in Toronto and 2.7 per cent in Halifax.

Meanwhile, a report released Wednesday by CIBC, said Canadians are getting the message on cutting debt levels with growth in household credit now rising at its slowest pace since 2001.

Inflation adjusted growth in household credit in the third quarter of 2010 was the slowest in nearly 10 years, while the 0.27 per cent increase in credit during November was the softest monthly reading in more than 15 years.

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