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July 20, 2023TERANET-NATIONAL BANK HOUSE PRICE INDEX, JUNE 2023 Monthly (June 2023 vs May 2023, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), increased 2.3% from May to June. The composite 11-city index of resale house prices increased 2.2% with the largest increase in Toronto. Winnipeg reported the only decline in resale house prices over the last month. Resale house prices remained stable in Hamilton.
Year-over-year (June 2023 vs June 2022)
Halifax resale home prices were down 5.8% from June 2022 to June 2023. In the 11-city composite index, prices were down 5.3% with declines in 8 of 11 cities. Hamilton reported the sharpest year-over-year decline. Calgary reported the largest gain in resale house prices from June 2022 to June 2023.
Year-to-date (January-June 2023 vs January-June 2022)
Halifax resale home prices were down 4.3% comparing the average of the first six months of 2023 with the same period in 2022. Prices were down 6.0% 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 peaks in resale home prices in 2022. Since peaking at various times in 2022, resale home prices in all major urban markets have declined.
As of June 2023, Halifax seasonally adjusted resale home prices had contracted 6.7% from the peak they reached in May 2022. The 11-city composite index is 6.2% lower than its peak in April 2022. Among major urban centres, the largest decline from peak to the current month was reported in Hamilton, where prices declined 16.8% from their May 2022 peak. Declines from peak were more modest in Calgary as well as in Edmonton and Montreal, where their peaks of home prices were reported later than other cities. Québec City home prices were at their highest level in June 2023.
Source: Teranet-National Bank
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