The prices of repeat home sales in Calgary and in Edmonton are substantially down from their peaks.
The Teranet-National Bank National Composite House Price Index was released on Wednesday. It indicates Calgary prices are off by 5.8 per cent from their peak in October 2014, while Edmonton prices are off by 6.34 per cent from their peak in September 2007.
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.
At the national level, prices were off by one per cent from their peak in September 2018.
In January, the index of 11 major centres across Canada was down 0.1 per cent from the previous month – the fifth consecutive month without a rise, the longest such run since March 2013. It was notable for marked retreats in the three largest markets of Western Canada: Edmonton (−0.8 per cent), Calgary (−0.5 per cent) and Vancouver (−0.3 per cent).
“Those three westernmost markets have been trending down markedly for months now. For Calgary it was a seventh month without a gain (cumulative decline -2.4 per cent), for Vancouver the sixth (−3.2 per cent), for Edmonton the fifth (−3.5 per cent),” said the report.
“The softness of the three largest markets of the West was also apparent in the changes from a year earlier – Calgary down 2.8 per cent, Edmonton down 2.4 per cent.”
– Mario Toneguzzi for Calgary’s Business