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September 18, 2024TERANET-NATIONAL BANK HOUSE PRICE INDEX, AUGUST 2024 Monthly (August 2024 vs July 2024, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), grew 3.2% from July to August.
The composite 11-city index of resale house prices grew 0.6% with gains in seven of 11 urban areas. Québec City reported the fastest gain over July while Edmonton reported the largest decline.
Year-over-year (August 2024 vs August 2023)
Halifax resale home prices were up 5.5% year-over-year. Prices for the 11-city composite index were up 1.0% with gains in eight cities. Québec City and Calgary reported the fastest paces of growth over August 2023 while Toronto reported the sharpest decline.
Year-to-date (January-August 2024 vs January-August 2023)
Halifax resale home prices were up 6.9% comparing the average of the first eight months of 2024 with the same period in 2023. Prices were up 3.9% in the 11-city composite index with gains in all cities. Calgary reported the fastest gain while Victoria and Toronto reported the smallest increases.
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 four months.
Halifax, Montréal and Québec City all set new highs for resale house prices in August.
Source: Teranet-National Bank
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