Jun 12, 2015
By Michael Kramer
Home prices continued to climb in all major Canadian cities in May – except Calgary – which endured its biggest one-month drop – in at least a decade and a half.
The TeranetNational Bank National Composite House Price Index found Calgary home prices dropped 3.3 per cent from April – amounting to the largest monthly drop since the index was created – back in 1999.
Across the country, home prices were up 0.9 per cent from the previous month – with the Calgary numbers cutting the average by 0.3 percentage points.
The Index says year over year, Calgary home prices showed a 1.4 per cent drop – as prices in the city have been hit by a slower economy as oil prices remain low.
Only homes that have been sold at least twice are considered in the calculation of the Teranet Index, which uses data from public land registries in 11 major Canadian markets coast to coast.