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June 18, 2025TERANET-NATIONAL BANK HOUSE PRICE INDEX, MAY 2025 Monthly (May 2025 vs April 2024, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), rose 0.4% from April to May.
The composite 11-city index of resale house prices declined 1.6% with declines in six of 11 urban areas. Toronto and Vancouver reported the largest monthly declines, while Québec City saw the largest increase.
Year-over-year (May 2025 vs May 2024)
Halifax resale home prices were up 1.4% year-over-year. Prices for the 11-city composite index were down 1.6%, the first year-over-year decline since July 2023 despite gains in eight of 11 urban centers. Québec City reported the fastest pace of growth over May 2024 while the fastest decline was in Toronto.
Year-to-date (January-May 2025 vs January-May 2024)
Halifax home prices were up 6.0% in the first five months of 2025 when compared with the same period in 2024. This was above the 11-city index average growth in resale home prices of 1.4%. Every city in the index except Toronto and Hamilton reported gains in home prices, with Québec City reporting the largest increase.
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. In May 2025, the national index saw its first year-over-year decline since July 2023. Year-over-year house price growth in Halifax has outpaced national gains in all but one month since returning to positive growth in 2023.
Calgary, Edmonton, Montréal and Québec City set new highs for resale house prices in May.
Source: Teranet-National Bank
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