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January 20, 2021TERANET-NATIONAL BANK HOUSE PRICE INDEX, DECEMBER AND ANNUAL 2020 
In December 2020, Halifax home prices as measured by the Teranet-National Bank House Price Index increased 1.2% from the previous month. Compared to a year earlier, home prices were up 16.3% in Halifax.
Looking at the 11-city composite of the Teranet-National Bank House Price Index, monthly resale home prices increased 0.6% month-over-month in December. Monthly home prices were up in all markets except Quebec (-1.1%), led by the gains recorded in Victoria (+1.3%), Halifax (+1.2%) and Ottawa-Gatineau (+1.2%).
Nationally, house prices increased 9.4% year-over-year in December, following a 9.0% gain recorded in the previous month. Halifax (+16.3%) recorded the eighth consecutive month of double-digit gains over the same months in 2019. In the 11-city composite index, year-over-year housing prices grew fastest in Ottawa-Gatineau (+19.7%). Compared to December 2019, home prices were down in Calgary (-1.5%).
ANNUAL
In 2020, resale home prices were up 10.9% for the Halifax index, the second largest annual gain among the 11-city composite index compared with 2019. Nationally, house prices increased 5.9% compared with 2019. The strongest gains were reported in Ottawa-Gatineau (+13.7%), Halifax (+10.9%), and Montreal (+10.4%).
2016 saw Halifax resale prices lower than the previous year, but the past four years have shown positive price growth (2.2% in 2017, 3.7% in 2018, 4.1% in 2019, and 10.9% in 2020). The last ten years have seen only two years of declining overall prices in the Halifax market and despite the COVID-19 pandemic Halifax price index posted the largest gain in 2020.
Source: Teranet-National Bank
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