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March 18, 2020TERANET-NATIONAL BANK HOUSE PRICE INDEX, FEBRUARY 2020
In February, Halifax home prices as measured by the Teranet-National Bank House Price Index increased 0.8 per cent compared to the previous month. With the recent run of price increases, Halifax house price levels were up 7.0 per cent compared to February 2019.
Monthly resale home prices edged up 0.4 per cent for the 11-city composite of the Teranet-National Bank House Price Index compared to January 2020. Higher housing prices were reported for 7 of 11 cities in February, with the largest monthly increases in Montreal (1.1 per cent), Halifax (0.8 per cent) and Vancouver (0.8 per cent). The largest monthly house price decline was observed in Edmonton (-1.3 per cent) but prices also fell in Calgary, Hamilton, Victoria and Quebec.
National year-over-year price growth increased to 2.9 per cent in February. Home price inflation has slowed considerably from the pace observed in 2017. Year-over-year price growth in Halifax accelerated to 7.0 per cent after 6.4 per cent in January.
Year-over-year prices were positive in 7 of the 11 major metropolitan markets, with the largest increases in Ottawa-Gatineau (+8.7 per cent), followed Hamilton (8.0 per cent) and Montreal (7.5 per cent). Price declines were reported for Vancouver (-2.1 per cent), Edmonton (-1.8 per cent), Calgary (-1.7 per cent) and Quebec (-0.5 per cent).
Year to date (Jan-Feb 2020 vs Jan-Feb 2019), Halifax house prices were up 6.7 per cent, while the National index increased 2.5 per cent over the same period last year. Prices were positive in 7 of the 11 major metropolitan markets, with the largest increases in Ottawa-Gatineau (+8.3 per cent), followed Hamilton (7.4 per cent) and Montreal (7.1 per cent). Price declines were reported for Vancouver (-2.9 per cent), Calgary (-1.6, per cent), Edmonton (-1.2 per cent), and Quebec (-0.8 per cent).
Source: Teranet National-Bank
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