The Teranet-National Bank House Price Index for November has been released, which shows that even though Canadian house prices fell in November, annual growth continues to bounce back from August’s post-Global Financial Crisis (GFC) low:
Home values nationally declined by 0.3% in the month of November, driven by a 0.6% fall in Vancouver and a 0.1% decline in both Toronto and Montreal.
However, in the year to November, Canadian home values rose by just 3.1%, up from the post-GFC low of 1.4% in August. The rebound was driven by Toronto, whose annual price growth rebounded to 3.3% from -3.3% August. Elsewhere, annual price growth was 3.9% in Vancouver (albeit fading fast) and 4.4% in Montreal.