Calgary and Edmonton continued to show weakness in their resale housing markets in September, according to the latest Teranet-National Bank House Price Index, which tracks repeat home sales.
The report, which was released on Friday, said prices in Calgary were down 0.1 per cent on a month-over-month basis and off by 1.3 per cent year over year. In September, prices in Calgary were also down 3.9 per cent from their peak in October 2014.
For Edmonton, prices were flat in September compared to August but dropped 0.5 per cent from a year ago. Prices in the capital city are off 2.9 per cent from their peak in September 2007.
The Teranet-National Bank House Price 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 of the index.
Nationally, for 11 major centres, prices were flat in September from August but rose by 2.1 per cent year over year. Prices are currently at their peak.
The report said five of the 11 metropolitan areas recorded increases on the month (the lowest diffusion of gains in six months): Winnipeg (+1.4 per cent), Montreal (+0.5 per cent), Victoria (+0.5 per cent), Hamilton (+0.2 per cent) and Ottawa-Gatineau (+0.1 per cent). The index was stable in Vancouver and Edmonton, while it declined in Toronto (-0.1 per cent), Calgary (-0.1 per cent), Halifax (-0.2 per cent) and Quebec City (-0.6 per cent).
It said 12-month gains were largely above the national average in Vancouver (+6.2 per cent), Victoria (+5.5 per cent), Ottawa-Gatineau (+5.1 per cent) Montreal (+4.8 per cent) and Halifax (+4.8 per cent). It was more moderate in Winnipeg (+2.8 per cent), Hamilton (+1.4 per cent) and Quebec City (+0.7 per cent). The index lost ground over 12 months in Edmonton, Calgary and Toronto (-0.8 per cent).
Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald, including 12 years as a senior business writer.