OTTAWA (Reuters) – Canadian home prices dropped in October from the previous month, though less sharply than in September, while year-over-year price gains continued to slow, Teranet–National Bank National Composite House Price data showed on Friday.
The index, which tracks repeat sales of single-family homes in major Canadian markets, dropped 0.8% on the month, led by sharp declines in Halifax, Nova Scotia and Hamilton, Ontario.
The major market index is now 7.7% below the May peak, with Hamilton down 15.9% and Halifax down 14%. Calgary and Edmonton, Alberta, by contrast, both hit fresh highs in October.
Prices are still higher than a year ago, up 4.9% from October 2021, but gains continued to slow. The Teranet index tracks closings, so it typically lags realtor sales data by three to five months.
(Reporting by Julie Gordon in Ottawa; Editing by Josie Kao)