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Teranet House Price Declines Fade In December

CANADA DATA
HomepageBulletMarketsFixed Income NewsForeign Exchange NewsCanada Bank of Canada Market News
  • Released earlier today, Teranet house prices for December showed signs that the largest monthly declines may be over for now after a 7% cumulative decline from the Apr’22 peak.
  • Prices fell -0.3% M/M after two months averaging almost -1.0% and two before that at -1.8%.
  • The trend goes against continued large declines in the CREA MLS index based on existing sales, averaging -1.5% in the four months to Dec, but then the MLS index did see far stronger house price appreciation through 2021 and into 2022.
  • Canada has seen a sharper pullback in house prices compared to the US (FHFA currently -1% from peak, CoreLogic -4%) but the potential moderation in Canadian house price declines comes at a similar time to some timely indicators pointing to a potential bottoming in the downturn in US housing activity, if not yet prices.

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  • Released earlier today, Teranet house prices for December showed signs that the largest monthly declines may be over for now after a 7% cumulative decline from the Apr’22 peak.
  • Prices fell -0.3% M/M after two months averaging almost -1.0% and two before that at -1.8%.
  • The trend goes against continued large declines in the CREA MLS index based on existing sales, averaging -1.5% in the four months to Dec, but then the MLS index did see far stronger house price appreciation through 2021 and into 2022.
  • Canada has seen a sharper pullback in house prices compared to the US (FHFA currently -1% from peak, CoreLogic -4%) but the potential moderation in Canadian house price declines comes at a similar time to some timely indicators pointing to a potential bottoming in the downturn in US housing activity, if not yet prices.