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December 29, 2023TERANET-NATIONAL BANK HOUSE PRICE INDEX, NOVEMBER 2023 Monthly (November 2023 vs October 2023, seasonally adjusted)
Halifax resale home prices, as measured by the Teranet-National Bank House Price Index (seasonally adjusted), declined 0.9% from October to November.
The composite 11-city index of resale house prices decreased 0.5% with gains in 6 of 11 urban areas. Ottawa reported the largest gain while Montréal and Hamilton reported the largest declines.
Year-over-year (November 2023 vs November 2022)
Halifax resale home prices were up 8.4% from November 2022 to November 2023 - second fastest gain among the 11 cities in the composite index. Prices for the 11-city composite index were up 3.3% with gains in almost all cities. Edmonton reported the only year-over-year decline.
Year-to-date (January-November 2023 vs January-November 2022)
Halifax resale home prices were up 0.7% comparing the average of the first eleven months of 2023 with the same period in 2022. Prices were down 2.5% 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 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 five months.
Following a recent three month growth, prices declined slightly in November for Halifax. There were new highs set for resale home prices in Québec City and Calgary in November.
Source: Teranet-National Bank
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