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March 19, 2024TERANET-NATIONAL BANK HOUSE PRICE INDEX, FEBRUARY 2024 Monthly (February 2024 vs January 2024, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), declined 1.7% from January to February.
The composite 11-city index of resale house prices increased 0.2% with gains in 5 of 11 urban areas. Calgary and Victoria reported the fastest gains over January while Halifax reported the largest decline.
Year-over-year (February 2024 vs February 2023)
Halifax resale home prices were up 10.1% from February 2023 to February 2024. Prices for the 11-city composite index were up 4.5% with gains in all cities. Calgary reported the fastest pace of growth while Edmonton reported the slower pace of growth.
Year-to-date (January-February 2024 vs January-February 2023)
Halifax resale home prices were up 10.2% comparing the average of the first two months of 2024 with the same period in 2023. Prices were up 4.1% in the 11-city composite index with gains in all cities. Calgary and Halifax reported the biggest gains while Edmonton and Victoria reported the smallest gains.
Trends
After recording year-over-year house price declines for most of the first half of 2023, Halifax resale home prices returned to positive year-over-year growth starting in the second half of 2023. Year-over-year house price growth in Halifax has outpaced national gains in each of the last seven months.
Following two months of growth, prices declined in February for Halifax. In February 2024, there were new highs set for resale home prices in Calgary.
Source: Teranet-National Bank
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