Canadian resale home prices were flat in March from February and 12-month home price inflation slowed slightly, according to the Teranet-National Bank Composite House Price Index.
While national prices were essentially unchanged last month from February, the index, which measures price changes for repeat sales of single-family homes, showed regional disparities, as Calgary roared ahead but Montreal faltered.
“Except for the recession year 2009, this is the first time in 15 years of index data collection that home prices for Canada as a whole have failed to advance in March,” Teranet said in the report.
From a year earlier, prices were up 4.6 per cent, a slowing from February’s 5.0 per cent price gain. It was the first time in nine months that 12-month inflation has slowed.
The Teranet data showed that prices rose in March from the month before in six out of 11 cities, fell in three cities, and were flat in two.