House prices in Ottawa-Gatineau dropped again in February, according to the Teranet-National Bank composite price index.
The index, which tracks the change in prices of single-family homes across Canada, dropped by 0.8 per cent from January. It’s also down 0.6 per cent from February 2013.
The index for the region has now increased 39.29 per cent from the baseline of June 2005.
Nationally home prices rose 0.3 per cent in February, pushing the index to a record high for a second month in a row.
Home prices were up in all five markets surveyed in Western Canada and were down in all five metropolitan eastern markets except Montreal.
A record was set for the fourth straight month in Vancouver (up 0.9 per cent), while Calgary's increase of 1.1 per cent helped it set a record for the first time since September 2007. Increases were also recorded in Edmonton (0.6 per cent), Victoria (0.9 per cent) and Winnipeg (0.5 per cent).
Halifax and Quebec City dipped the most at -1.7 per cent. Decreases were noted in Ottawa-Gatineau (-0.8 per cent), Hamilton, Ont. (-0.5 per cent), and Toronto (-0.1 per cent). Montreal was up 0.7 per cent.
Over the last 12 months, the index has increased by five per cent, with prices in Calgary rising 9.6 per cent and Vancouver by 7.7 per cent. Toronto was up 6.1 per cent, followed by Edmonton (5.3 per cent) and Hamilton (five per cent). Winnipeg was below the average at 3.5 per cent and Montreal was up 1.9 per cent.
Prices were down in at least four markets for the first time since October 2009 as Victoria fell 3.4 per cent, Halifax was down 4.7 per cent and Ottawa-Gatineau slipped 0.6 per cent. Prices in Quebec City were down for the first time in 15 years, falling two per cent over the last year.
The Teranet-National Bank index tracks average home prices in 11 metropolitan markets based on data collected from public land registries.
–With files from The Canadian Press