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Real Estate

Mar 17, 2023

Canadian housing prices had smaller decline in February: Housing index

Holly McKenzie-Sutter, BNN Bloomberg

We forecast a modest start to housing market recovery in 2023: Senior economist

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Canadian housing prices went down in February for the tenth consecutive month but the decline was smaller than in January, according to the Teranet-National BankTM Composite House Price Index.

The report published Friday said home prices declined 0.3 per cent from January to February, a smaller drop than the 1.1 per cent decrease from a month earlier.

Toronto and Calgary saw the biggest contractions, down 2.7 per cent and 2.4 per cent, respectively, followed by Halifax, which was down at 1.8 per cent. Edmonton, Hamilton, Montreal and Ottawa-Gatineau also saw declining prices.

Meanwhile, Vancouver housing prices increased 3.8 per cent in February, as did Victoria with a 1.9 per cent increase and Quebec City at 0.1 per cent. Prices in Winnipeg remained stable.

The index, which tracks 11 cities, declined 4.7 per cent from February 2022 to February 2023, marking the second consecutive month with a negative annual index change.