Canada House Prices change – Monthly & Yearly for the last 10 years

Year-over-Year house price changes for Canada’s biggest 6 metropolitan cities and the aggregate of these cities…

Yesterday I pointed out that house prices in Calgary are 7% below the peak in 2007… the charts below explains some of this… Calgary experienced the highest year-over-year and month-over-month change from 2005 to 2006 of almost 50%… thats right 50% appreciate in 1 year!!… that probably beats the housing boom bust down south

And interestingly, Toronto has experienced the sharpest yearly increase (15%) even though the preceding increase up to 2008 & the following descent in early 2009 weren’t this severe.

Source: Teranet House Price Index

Again, the monthly chart tells the same story

More importantly, the recent monthly price appreciation is in a downward trend nationwide… I think this was bound to happen and will continue for the next year or so primarily due to upcoming Harmonized Sales Tax on new homes and the recent increase in mortgage rates… the big economic research shops expect house prices to drop 5-10% in the next year or so

Source: Teranet House Price Index

Feedback & comments welcome…