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June 19, 2024TERANET-NATIONAL BANK HOUSE PRICE INDEX, MAY 2024 Monthly (May 2024 vs April 2024, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), rose 1.5% from April to May.
The composite 11-city index of resale house prices increased 0.5% with gains in 7 of 11 urban areas. Halifax reported the fastest gains over April while Edmonton and Winnipeg reported the largest declines. Montréal showed no change in house prices in May.
Year-over-year (May 2024 vs May 2023)
Halifax resale home prices were up 11.0% year-over-year. Prices for the 11-city composite index were up 5.6% with gains in all cities. Calgary reported the fastest pace of growth while Winnipeg reported the slowest pace of growth.
Year-to-date (January-May 2024 vs January-May 2023)
Halifax resale home prices were up 8.3% comparing the average of the first five months of 2024 with the same period in 2023. Prices were up 5.0% in the 11-city composite index with gains in all cities. Calgary reported the fastest gain while Victoria reported the smallest gain.
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 surpassed national gains of the 11 city composite average in May.
Prices grew in Halifax in May after four consecutive months of decline. Calgary continued to set new highs in resale house prices.
Source: Teranet-National Bank
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