(Troy Media) Prices for repeat home sales in Edmonton and Calgary are more than five per cent off from their peaks, according to the latest Teranet-National Bank House Price Index.
The report shows that in December prices in Edmonton have fallen by 5.55 per cent from their peak in September 2007, while prices in Calgary were down 5.35 per cent from their peak in October 2014.
Nationally, the composite of 11 markets was off by 0.95 per cent from the peak in September 2018.
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.
Nationally, the index in December was down 0.3 per cent from the previous month, the third consecutive monthly retreat. The component indexes were down for seven of the 11 metropolitan markets surveyed: Edmonton (−1.4 per cent), Vancouver (−1.2 per cent), Winnipeg (−0.9 per cent), Calgary (−0.6 per cent), Victoria (−0.4 per cent), Hamilton (−0.4 per cent) and Quebec City (−0.4 per cent). Indexes were up for Ottawa-Gatineau (1.0 per cent), Montreal (0.4 per cent), Toronto (0.2 per cent) and Halifax (0.1 per cent).
“The recent trend of home prices is clearly downward in most metropolitans markets. For Calgary December was a sixth straight month without an index rise, a cumulative decline of 2.0 per cent; for Vancouver a fifth straight month and a cumulative loss of 2.9 per cent; for Edmonton a fourth straight month and a cumulative loss of 2.7 per cent. For Victoria, Winnipeg and Hamilton it was a third straight month, with cumulative losses of 0.5 per cent, 1.6 per cent and 1.0 per cent respectively. The Halifax index was down 1.6 per cent from five months ago, Quebec City and Toronto were down −0.8 per cent and −0.2 per cent respectively from four months ago. Only the Ottawa-Gatineau and Montreal indexes finished 2018 in strength, rising 7.9 per cent and 4.8 per cent respectively from March to December and both ending the year at all-time highs,” said the report.
On a year-over-year basis, the index fell by 2.64 per cent in Calgary and 1.87 per cent in Edmonton. But nationally it was up 2.51 per cent.