Canada property prices fall

The average Canada property price fell by 5.8% in March

16 June 2009

The average Canada property price fell by 5.8% in March, compared to the corresponding month last year, according to the Teranet-National Bank National Composite House Price Index.

March’s rate of decline is greater than the 4.1% annual fall recorded in February, and down 8.5% nationwide since the peak of the market in August 2008.

The worst price falls were recorded in Western Canadian, with Vancouver reporting a 9.6% year-on-year in March, followed by Calgary (-8.4%), Toronto (-6.9%), and Halifax (-0.8%).

There was better news for Montreal and Ottawa, where average property prices appreciated by 2.9% and 1% respectively.