Calgary led the nation with the largest monthly and annual decline in repeat home sale prices according to the Teranet-National Bank House Price Index released today.
Prices fell -1.9% in July and were down -2.3% year-over-year. That’s the largest annual drop dating back to June 2011. After peaking last October, Calgary home prices are now off by -4.6%.
The Teranet–National Bank House Price 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. This is known as the repeat sales method.