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March 19, 2025TERANET-NATIONAL BANK HOUSE PRICE INDEX, FEBRUARY 2025 Monthly (February 2025 vs January 2024, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), rose by 2.8% from January to February, the fastest gain among the 11 cities included in the index.
The composite 11-city index of resale house prices edged down 0.1% with gains in eight of 11 urban areas. Victoria reported the largest decline, followed by Vancouver and Toronto.
Year-over-year (February 2025 vs February 2024)
Halifax resale home prices were up 10.0% year-over-year, the fastest rate of increase observed since May of 2024. Prices for the 11-city composite index were up 3.2% with gains in all urban centres except Victoria and Toronto. Québec City reported the fastest pace of growth over February 2024.
Year-to-date (January-February 2025 vs January-February 2024)
Halifax home prices were up 8.1% in the first two 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 3.3%. Every city in the index reported gains in home prices, with Québec City seeing the largest increase at 14.0%, and Hamilton reporting the smallest rise at 0.3%.
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. However, year-over-year house price growth has a declining trend with fluctuations since the end of 2023. Year-over-year house price growth in Halifax has outpaced national gains in each of the last ten months, and February's 10.0% increase was the largest observed since May 2024.
Calgary, Edmonton, Ottawa, Montréal, Québec City, and Halifax set new highs for resale house prices in February.
Source: Teranet-National Bank
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