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May 17, 2023TERANET-NATIONAL BANK HOUSE PRICE INDEX, APRIL 2023 Month-over-month (April 2023 vs March 2023, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), edged up 0.04% from March to April. The composite 11-city index of resale house prices fell 0.1% with the largest decline in Edmonton. Québec City reported the largest increase in resale house prices over the last month.
Year-over-year (April 2023 vs April 2022)
Halifax resale home prices were down 4.8% from April 2022 to April 2023. In the 11-city composite index, prices were down 8.6% with declines in 9 of 11 cities. Hamilton reported the sharpest year-over-year decline. Only Calgary and Québec City reported rising resale house prices from April 2022 to April 2023.
Year-to-date (January-April 2023 vs January-April 2022)
Halifax resale home prices were down 2.8% comparing the average of the first four months of 2023 with the same period in 2022. Prices were down 5.8% in the 11-city composite index with declines in 8 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 April 2023, Halifax seasonally adjusted resale home prices had contracted 6.4% 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 17.8% from their May peak. Declines from peak were more modest in Québec City as well as in Edmonton and Calgary, where their peaks of home prices were only reported in recent months.
Source: Teranet-National Bank
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