November 19th, 2024

Month-Over-Month

After adjusting for seasonal effects, the Teranet-National Bank Composite House Price Index™, which covers the country's eleven largest CMAs, rose by 0.3% from September to October, the fourth consecutive monthly increase. In October, six of the 11 CMAs included in the index recorded growth: Quebec City (+2.0%), Hamilton (+1.3%), Ottawa-Gatineau (+0.8%), Montreal (+0.4%), Toronto (+0.4%) and Winnipeg (+0.4%). Conversely, prices fell in Victoria (-1.3%), Halifax (-0.9%), Calgary (-0.5%) and Edmonton (-0.1%), while they remained stable in Vancouver. On the other hand, thirteen of the 20 CMAs not included in the composite index for which data are available in October recorded increases. The strongest monthly gains were seen in Sudbury (+4.6% after a fall of 2.4% the previous month), Thunder Bay (+4.3% after a fall of 2.8% the previous month) and Saint John (+2.8%). Conversely, the biggest falls were in Sherbrooke (-9.1%), Moncton (-3.4% after a rise of 4.1% the previous month) and Guelph (-0.8%).

Before seasonal adjustments, the Teranet-National Bank Composite House Price Index™ actually fell by 0.6% between September and October, the third consecutive monthly decline.

Year-Over-Year

The Teranet-National Bank Composite Home Price Index™ rose by 1.4% from October 2023 to October 2024, higher than the 1.0% growth seen the previous month. Increases were observed in eight of the 11 cities making up the composite index in October. Quebec City and Calgary led the way with year-on-year price rises of 10.2%, followed by Edmonton with a 7.3% gain and Ottawa-Gatineau with a 5.4% increase. As for the lagging markets, prices fell in Victoria (-2.5%), Toronto (-1.1%) and Hamilton (-1.0%). As for the 20 other CMAs not included in the composite index, annual gains were observed in fourteen of them. Among the rising markets, the strongest growth was recorded in Saint-John (+18.4%), Trois-Rivières (+17.2%), Sudbury (+12.2%) and Thunder Bay (+12.2%). Conversely, the markets with the biggest declines were Kelowna (-6.1%), Oshawa (-2.5%) and Sherbrooke (-2.4%).

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[1] The Teranet–National Bank House Price Index is based on the repeat-sales method, i.e. on the change in price between the two most recent sales of a given property.