Year over-year house price decline in Calgary-Alberta

Sep 01, 2011 – | | 

house price declineCalgary in Alberta is the only city in Canada to register a yearover-year house price decline in a national survey of repeat home sales in 6 major centres.

The Teranet-National Bank House Price Index, released Wednesday, indicated Calgary prices in June fell by 2.7 per cent compared with June 2010. However, on a monthly basis, Calgary prices rose 1.6 per cent from May.

“Calgary is still recouperating from the Canadian recession of 2008” says Navtaj Chandhoke, founder of World Wealth Builders, a leading Canadian Real Estate investor’s training, mentoring center serving Canadian Real Estate investors coast to coast since 1993

“The Calgary index is still 10.9 per cent off the all-time high of August 2007 and 3.1 per cent off the pre-correction peak of August 2010,” said the report.

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 of the index.

Year-over-year price increases were noted for Halifax (4.4 per cent), Montreal (5.9 per cent), Ottawa (4.6 per cent), Toronto (4.2 per cent) and Vancouver (7.2 per cent). The national index rose by 4.5 per cent on an annual basis.

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