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October 20, 2023TERANET-NATIONAL BANK HOUSE PRICE INDEX, SEPTEMBER 2023 Monthly (September 2023 vs August 2023, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), increased 1.9% from August to September. This was the largest increase among urban areas, pushing Halifax resale home prices above their previous peak from May 2022.
The composite 11-city index of resale house prices increased 0.7% with gains in all 11 urban areas. After Halifax, Victoria and Ottawa reported the fastest gains. Montréal, Edmonton and Hamilton reported only modest gains.
Year-over-year (September 2023 vs September 2022)
Halifax resale home prices were up 6.2% from September 2022 to September 2023 - the fastest gain among the 11 cities in the composite index. Prices for the 11-city composite index were up 3.1% with gains in 7 of 11 cities. After Halifax, Calgary and Vancouver reported the largest gains in resale house prices from September 2022 to September 2023. Winnipeg reported the largest year-over-year decline.
Year-to-date (January-September 2023 vs January-September 2022)
Halifax resale home prices were down 1.4% comparing the average of the first three quarters of 2023 with the same period in 2022. Prices were down 3.8% 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 recording year-over-year house price declines for most of the first half of 2022, Halifax resale home prices have again returned to positive year-over-year growth in the last three months.
With widespread price gains in September 2023, there were new highs set for resale home prices in: Halifax, Québec City, Calrgary and Vancouver.
Source: Teranet-National Bank
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