Single-family home prices drop in almost half of cities

The latest Teranet-National Bank Composite House Price Index revealed a slight drop in Canada's house prices last December. Repeat sales of single-family homes also slipped by 0.2 per cent from the month earlier.

Of the eleven cities studied, five saw declining prices. The largest drop (1.9 percent) was in Halifax, followed by Calgary  (1.1 percent), Quebec (1.0 percent), Montreal (0.9 percent) and Vancouver (0.4 percent).

On the other hand, increases were seen in Toronto (0.3 percent), Edmonton (0.2 percent), Hamilton (0.1 percent) and Ottawa (0.1 percent). Prices in Winnipeg and Victoria were unchanged.

Annually there were increases in all cities except Quebec and Halifax, and the national increase was 4.9 percent.