Canadian Real Estate Makes Largest February Price Decline
Canadian real estate is off to a cool start. The Teranet–National Bank of Canada House Price Index (Teranet HPI) shows a new record was set in February. The record, wasn’t a great one though – it was for price declines. Canada’s biggest markets made the largest monthly decline outside of a recession.
The Teranet HPI is a home prices index, that captures movements in home prices for resales. The index was created and run by Teranet, the country’s largest land registry operator, and National Bank of Canada.
Prices across Canada fell 0.4% in February, and are 1.87% higher than last year. The market peak was reached in September 2018, and prices are down 1.43% from there.
Toronto real estate prices fell in February, but remained higher YOY. Prices fell 0.22% in February, but remain 3.56% higher YOY. Prices peaked in July 2017, and are still 4.04% lower compared to the 3.83% gap the month before.
Canadian real estate markets printed the largest decline for a February, outside of a recession.