In January the Teranet–National Bank National Composite House Price Index™ was up 0.2% from the previous month, almost cancelling the December decline. The January rise interrupted a series of two consecutive monthly declines. However, January prices were up in only five of the 11 metropolitan markets surveyed: 1.2% in Vancouver, 0.9% in Victoria, 0.6% in Toronto, 0.5% in Halifax and 0.3% in Edmonton. Prices were down 1.6% in Montreal, 1.1% in Ottawa-Gatineau, 1.0% in Winnipeg, 0.7% in Calgary, 0.3% in Hamilton and in Quebec City. The Halifax rise interrupted a run of three consecutive declines totalling 4.2%. For Montreal it was the fifth monthly decrease in six months, for a net cumulative decline of 4.7%. For Quebec City it was a third straight monthly decrease, for a total decline of 2.7%. For Ottawa-Gatineau it was the fourth decrease in six months, for a net cumulative decline of 3.2%. In these four markets east of Toronto, recent price behaviour is consistent with buyer’s-market conditions. For Winnipeg it was a seventh decrease in nine months, but the cumulative decline over the period was only 0.6%. It should be kept in mind that since June 2005, Winnipeg prices have risen the most of any of the 11 markets surveyed. For Calgary it was a third consecutive monthly decrease, for a cumulative decline of 1.9%.
In January the composite index was up 4.7% from a year earlier, a third consecutive deceleration. There were 12-month gains well above the countrywide average in Toronto (7.4%), Hamilton (7.2%), Calgary (7.1%) and Edmonton (6.1%), gains close to the average in Vancouver (5.1%) and Victoria (4.4%), and negligible gains in Winnipeg (0.4%) and Ottawa-Gatineau (0.1%). Prices were down from a year earlier in Quebec City (−1.6%), Montreal (−1.5%) and Halifax (−0.3%).