The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.
<--- Return to Archive
For additional information relating to this article, please contact:
June 19, 2023TERANET-NATIONAL BANK HOUSE PRICE INDEX, MAY 2023 Month-over-month (May 2023 vs April 2023, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), declined 2.6% from April to May. The composite 11-city index of resale house prices increased 0.6% with the largest increases in Toronto and Winnipeg. Halifax reported the largest decline in resale house prices over the last month.
Year-over-year (May 2023 vs May 2022)
Halifax resale home prices were down 8.8% from May 2022 to May 2023. In the 11-city composite index, prices were down 7.7% with declines in 8 of 11 cities. Hamilton reported the sharpest year-over-year decline. Calgary reported the largest gain in resale house prices from May 2022 to May 2023.
Year-to-date (January-May 2023 vs January-May 2022)
Halifax resale home prices were down 4.0% comparing the average of the first five months of 2023 with the same period in 2022. Prices were down 6.2% in the 11-city composite index with declines in 8 of the 11 cities. Hamilton reported the largest decline while Calgary reported the biggest gain.
Trends
After peaking earlier in 2022, year-over-year house price growth slowed dramatically and then turned negative, both in Halifax and across the national 11-city composite average.
All of the cities in the 11-city composite index have reported peaks in resale home prices in 2022. Since peaking at various times in 2022, resale home prices in all major urban markets have declined.
As of May 2023, Halifax seasonally adjusted resale home prices had contracted 8.8% from the peak they reached in May 2022. The 11-city composite index is 8.1% lower than its peak in June 2022. Among major urban centres, the largest decline from peak to the current month was reported in Hamilton, where prices declined 16.9% from their May 2022 peak. Declines from peak were more modest in Québec City as well as in Calgary and Edmonton, where their peaks of home prices were reported later than other cities.
Source: Teranet-National Bank
<--- Return to Archive
