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March 07, 2023TERANET-NATIONAL BANK HOUSE PRICE INDEX, JANUARY 2023 NOTE: the Teranet-National Bank house price index reports that there are problems with data collection in Vancouver and Victoria. As a result, no data is available for these cities for the January 2023 reference month. Neither is the composite 11-city index available for January 2023.
Month-over-month (January 2023 vs December 2022, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), increased 0.3% from December 2022 to January 2023. Among other cities reporting house prices, Hamilton reported the largest decline while Ottawa reported the largest increase.
Year-over-year (January 2023 vs January 2022)
Nova Scotia resale home prices were up 2.4% from January 2022 to January 2023. Among cities with recent data, Calgary reported the largest increase over this period while Hamilton reported the largest decline.
Trends
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.
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 of January 2023, Halifax seasonally adjusted resale home prices had contracted 7.6% from the peak they reached in March. Among cities with recent data, the largest decline from peak to the current month was reported in Hamilton, where prices declined 17.4% 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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