|The Aggregate Composite MLS House Price Index (HPI) rose 14.6% y-o-y last month, up from 14.4% in September. This price index, unlike those provided by local real estate boards and other data sources, provides the best gauge of price trends because it corrects for changes in the mix of sales activity (between types and sizes of housing) from one month to the next.
Greater Vancouver (+24.8%) and the Fraser Valley (+32.5%) posted the largest y-o-y gains, although single family home prices in both markets are off their peak, having fallen in September as well. This was the first significant decline in this region since late 2012–early evidence that the new foreign tax has had an impact.
As reported by CREA, double-digit y-o-y percentage price gains were also registered in Greater Toronto (+19.7%), Victoria (+20.1%) and Vancouver Island (+15.8%). All of these gains were up from the prior month.
By contrast, prices were down -4.1% y-o-y in Calgary. Although home prices there have held steady since May, they have remained below year-ago levels since August 2015 and are down 5.1% from the peak reached in January 2015.
Home prices also edged lower by 1.3% y-o-y in Saskatoon. Home prices in Saskatoon have also held below year-ago levels since August 2015.
Meanwhile, home prices posted additional y-o-y gains in Regina (+4.5%), Ottawa (+3.0%), Greater Moncton (+2.8%), and Greater Montreal (+2.6%).