The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.
<--- Return to Archive
For additional information relating to this article, please contact:
September 20, 2023TERANET-NATIONAL BANK HOUSE PRICE INDEX, AUGUST 2023 Monthly (August 2023 vs July 2023, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), increased 1.4% from July to August. The composite 11-city index of resale house prices increased 1.6% with the largest increase in Calgary followed by Vancouver. Victoria reported the smallest gain in resale house prices over the last month.
Year-over-year (August 2023 vs August 2022)
Halifax resale home prices were up 5.3% from August 2022 to August 2023. In the 11-city composite index, prices were up 1.2% with gains in 5 of 11 cities. Calgary reported the largest gain in resale house prices from August 2022 to August 2023. Winnipeg reported the sharpest year-over-year decline.
Year-to-date (January-August 2023 vs January-August 2022)
Halifax resale home prices were down 2.3% comparing the average of the first eight months of 2023 with the same period in 2022. Prices were down 4.6% 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. Recently, Halifax and the 11-city composite index have returned to positive year-over-year growth.
All of the cities in the 11-city composite index reported peaks in resale home prices in 2022. Since peaking at various times in 2022, resale home prices in all major urban markets declined before returning to growth in 2023.
As of August 2023, Halifax seasonally adjusted resale home prices had contracted 1.4% from the peak they reached in May 2022. The 11-city composite index is 2.1% 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 11.2% from their May 2022 peak. Québec City and Calgary home prices were at their highest level in August 2023.
Source: Teranet-National Bank
<--- Return to Archive
