Vancouver house prices continue to weaken

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Greater Vancouver housing prices saw a “marked retreat” in January, in part responsible for pulling down national numbers.

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It’s the region’s sixth consecutive month without a composite price gain – a trend that adds up to a -3.2% cumulative decline in prices over that period, according to the Teranet-National Bank National Composite House Price Index.

Weakness in Canada’s west is responsible for a -0.1% month-to-month index decline nationally. That index hasn’t seen an increase in five consecutive months, the longest such streak since March 2013.

Price indices in the metropolitan regions of Edmonton (-0.8%), Calgary (-0.5%) and Vancouver (-0.3%) were down over December. Victoria also saw a -0.5% decline.

The latest report also found year-over-year softness in the west’s three biggest markets, with prices trending downward in Calgary (-2.8%) and in Edmonton (-2.4%), and remaining flat in Vancouver.

By comparison, price indices were up in eight other markets, including Toronto (+3.6%), Montreal (+4.5%), Victoria (+4.9%) and Ottawa-Gatineau (+6%).

The Teranet-National Bank regional and national indices reflect three-month moving averages of closed home sales.