Last Updated on October 24, 2023 by Ephraim Vecina
Greater Vancouver was a major contributor to the slowdown of Canadian housing price growth, Statistics Canada data indicated.
The most recent Teranet – National Bank of Canada House Price Index (TNB HPI) showed that the year-over-year growth plummeted to its lowest level in a decade last month.
In its analysis of the data, Better Dwelling deemed Greater Vancouver as having posted the weakest housing price performance across Canada. In July, the market saw a 6.23% annual price drop, along with a 1.04% month-over-month loss.
“Since July 2018 was the peak, it’s also how much prices have fallen from peak. The market is now at the same price level experienced in September 2017.”
Last month, the national Index was at 0.44% annual growth, along with a 0.72% uptick from June 2019. The monthly growth is also markedly lower than the 21-year average of 1%.
“The 12 month growth has been trending lower, and is now at the lowest it has been since 2009,” Better Dwelling explained. “The growth is below normal, and due entirely to seasonal pressure.”
The Greater Toronto Area fared much better, fortunately, with home prices increasing by 3.24% annually and 1.26% monthly in July. This has placed prices at a mere 0.90% from their record high, and rapid market recovery is moving it ever-closer to its former peak.
Greater Montreal posted even better figures: A surging housing market has impelled its home price growth rate to a new all-time high of 5.80% annually in July. This was also 1.69% higher than the market’s June readings.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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