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April 20, 2023TERANET-NATIONAL BANK HOUSE PRICE INDEX, MARCH 2023 Month-over-month (March 2023 vs February 2023, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), increased 2.3% from February to March. Halifax resale house price growth was the fastest among the major urban centres. The composite 11-city index of resale house prices fell 0.8% with the largest decline in Victoria.
Year-over-year (March 2023 vs March 2022)
Halifax resale home prices were down 5.3% from March 2022 to March 2023. In the 11-city composite index, prices were down 7.0% with declines in 8 of 11 cities. Hamilton reported the sharpest year-over-year decline. Only Calgary, Edmonton and Québec City reported rising resale house prices from March 2022 to March 2023.
Year-to-date (January-March 2023 vs January-March 2022)
Halifax resale home prices were down 2.1% comparing the average of the first quarter of 2023 with the same period in 2022. Prices were down 4.8% in the 11-city composite index with declines in 7 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 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 March 2023, Halifax seasonally adjusted resale home prices had contracted 6.7% from the peak they reached in May 2022. Among major urban centres, 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, as well as in Québec City.
Source: Teranet-National Bank
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