Why it matters: The region is the only metropolitan area surveyed that saw its index fall in July – a sign that housing prices are still pulling away from the market’s peak in July 2018.
Home sales took a big hit in October
Metro Â鶹´«Ã½Ó³»has gone a year without an increase in its house price index.
The latest report from Teranet and National Bank shows the region’s house price index fell 1% from June to July. It was the twelfth consecutive month without an increase. Metro Â鶹´«Ã½Ó³»was also the only metropolitan area surveyed that saw its index fall in July.
Prices were down 6.2% over July 2018, the market’s peak.
The other B.C. region in the Teranet-National Bank national composite house price index is Victoria, which saw its index rise 0.6% in July on both a monthly and yearly basis. The index is a fraction – a twentieth of a percent – below the market’s peak in September 2018.
Weakness in the Metro Â鶹´«Ã½Ó³»market helped weigh down Canada’s national house price index. It registered a 0.4% year-over-year increase – the smallest 12-month gain in nearly a decade (since November 2009).
On a monthly basis, the unadjusted index was up 0.7%. The gain falls below the month’s 21-year average of a 1% increase.
