Big city house price index drops in December: Teranet-National Bank

An index looking at home prices in Canada declined in December as major cities notched price decreases.

The monthly Teranet-National Bank Composite House Price Index, which looks at Canada’s 11 biggest cities, declined 0.5 per cent month-over-month in December.

Seasonally adjusted housing prices declined in just four of the 11 cities, with the steepest decline coming out of Victoria, where prices came down 3.9 per cent.

The other three cities with price declines – Vancouver, Toronto and Ottawa-Gatineau, with decreases of 1.5 per cent, 0.8 per cent and 0.3 per cent, respectively – carried enough weight to bring the total average down for the third straight month, according to a Thursday press release on the figures.