Saturday, March 23, 2013

Teranet March 2013

MARCH 2013


In February the Teranet-National Bank National Composite House Price Index™ was up 2.7% from a year earlier, matching January's smallest 12-month gain since November 2009. By way of comparison, the U.S. Case-Shiller home price index (20 metropolitan markets) for December (the latest available reading) was up 6.8% from a year earlier. In Canada, the rise over the 12 months ending in February exceeded the cross-country average in six of the 11 markets surveyed for the national composite index: Halifax (6.3%), Quebec City (5.3%), Hamilton (6.5%), Toronto (4.9%), Calgary (3.6%) and Winnipeg (4.0%). Edmonton matched the average (2.7%). Lagging it were Ottawa-Gatineau (+2.4%), Montreal (2.0%), and Victoria (0.7%). Prices in Vancouver were down 1.5% from a year earlier, for a seventh month of 12-month deflation.

Teranet – National Bank National Composite House Price Index™

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The February composite index was down 0.2% from January, a sixth straight monthly decline. Prices were down from the month before in seven of the 11 markets. For Hamilton (−0.3%) it was the second consecutive monthly decline, for Calgary (−1.2%) it was the third, for Edmonton (−0.4%) the fourth, for Toronto (−0.3%) the fifth and for Montreal (−0.4%) the sixth. The other two markets in which prices were down from the month before were Victoria (−1.4%) and Ottawa-Gatineau (−0.8%). Prices were up 0.7% on the month in Vancouver, only the second monthly gain in eight months, and 0.8% in Winnipeg, a first in five months. Prices rose 0.9% in Quebec City, to reach a new all-time high for the second month in a row, and 0.1% in Halifax, to match last September's all-time high.

Teranet – National Bank House Price Index™

The historical data of the Teranet – National Bank House Price Index™ is available at
Metropolitan areaIndex level
February 2013
% change m/m% change y/y
Calgary159.02-1.2 %3.6 %
Edmonton164.37-0.4 %2.7 %
Halifax142.420.1 %6.3 %
Hamilton139.00-0.3 %6.5 %
Montreal147.24-0.4 %2.0 %
Ottawa140.15-0.8 %2.4 %
Quebec177.040.9 %5.3 %
Toronto145.84-0.3 %4.9 %
Vancouver165.720.7 %-1.5 %
Victoria139.48-1.4 %0.7 %
Winnipeg188.190.8 %4.0 %
National Composite 6151.56-0.2 %2.5 %
National Composite 11152.72-0.2 %2.7 %
The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at

The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census1, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion.

All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005.

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