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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

January 19, 2023

Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), increased 0.4% from November to December 2022. The 11-city composite on the Teranet-National Bank House Price Index declined 0.3% in December 2022 compared to November 2022. Monthly home prices declined in 6 of the 11 cities, with the largest decline in Winnipeg.  Québec City and Victoria reported the largest monthly home price gains.

Nova Scotia resale home prices were up 5.0% from December 2021 to December 2022. Nationally, resale home prices (seasonally adjusted) were unchanged (+0.02%) from December 2021 to December 2022.  

 After peaking earlier in 2022, year-over-year house price growth has slowed dramatically, both in Halifax and across the national 11-city composite average.

Comparing the annual average of resale home prices with the average for 2021, Halifax home prices have averaged 21.3% higher - the highest gain among the urban areas.

Nationally, home prices were up 11.3% on average in 2022. After Halifax, Hamilton and Victoria posted the highest gains while the smallest increase was in Edmonton.

All of the cities in the 11-city composite index have reported recent peaks in resale home prices (though the peaks in Edmonton and Calgary have been quite recent).  Since peaking at various times in 2022, resale home prices in all major urban markets have declined.

As fo December 2022, Halifax resale home prices had contracted 8.1% from the peak they reached in March.  The largest decline from peak to the current month was reported in Hamilton, where prices declined 14.2% from their May peak.  Declines from peak were more modest in Edmonton (peak: November) and Calgary (peak: October), where their peaks of home prices were only reported in recent months.   

Source: Teranet-National Bank

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