The Teranet–National Bank National Composite House Price Index, which looks at prices of repeat home sales, was down 0.4 per cent across Canada in February from the previous month.
“Except for the recession year of 2009, it was the largest February decline in 19 years of index history,” said Marc Pinsonneault, senior economist of the economics and strategy group with the National Bank of Canada.
The index is estimated by tracking observed or registered home prices over time, using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation.
In Calgary, the index fell by 0.8 per cent, which was the eighth consecutive months without a rise and represents a cumulative decline of 3.2 per cent.
In Edmonton, it fell by 0.1 per cent, which was the sixth straight decline for a cumulative drop of 3.5 per cent.
From a year ago, prices dropped by 2.7 per cent in Calgary and by 1.6 per cent in Edmonton.
The national composite index of 11 markets surveyed rose by 1.87 per cent.
The report, which was released on Wednesday, said Calgary prices are off 6.53 per cent from their peak in October 2014, while Edmonton prices have declined by 6.4 per cent from their peak in September 2007.
Nationally, prices in February were down 1.43 per cent from their peak in September 2018.
– Mario Toneguzzi for Calgary’s Business