Canadian home prices fell sharply in August from July, while year-over-year price gains slowed further, as fast-rising interest rates continued to chill housing markets across the country, index data showed on Tuesday.
The Teranet–National Bank National Composite House Price Index, which tracks repeat sales of single-family homes in major Canadian markets, showed prices fell a record 2.4% in August from July, led by sharp declines in Hamilton, Ontario and Halifax, Nova Scotia.
The index is now 4.1% below the May peak, with Hamilton down 10.5%, Halifax down 8.7% and Toronto down 8.3%. Calgary and Edmonton, Alberta, by contrast, both hit new peaks in August.
And the index is still higher than a year ago, up 8.9% since August 2021, with annual price gains slowing from 14.2% in July and 18.3% in May. The Teranet index tracks closings, so it typically lags realtor sales data by three to five months.