On Friday, Teranet–National Bank National Composite House Price data indicated that Canadian home prices declined 0.3% from January in seven of the 11 main markets in February.
The index, which measures repeat sales of single-family houses in key Canadian regions, showed a lesser monthly reduction than the 1.1% drop in January over December, led by price declines in Toronto and Calgary.
Four cities, including Vancouver and Victoria in British Columbia, had unadjusted price increases.
According to National Bank of Canada analyst Daren King, February home prices declined 4.7% from February 2022.
Teranet index closings lag realtor sales data by three to five months.
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