The Canadian home price index dropped the most in its history on Tuesday as rising borrowing rates put a damper on the country's housing market.
The Teranet–National Bank National House Price Index fell on an unadjusted basis. The decline was the largest since the beginning of the index. The index fell for the fourth time in a row on an adjusted basis.
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The biggest decline in home prices was in Hamilton, Ont., which fell by 5.4%.
The two cities bucked the trend with month over month gains of 4.6% and 3.0%, respectively.
In Saint John, N.B., the largest price decline was 7.8 per cent. It was up 2.6 percent.
Early data from other sources is mirrored by Teranet.
According to the Canadian Real Estate Association, the national average home price dropped in August from last year. The national average price increased by $7,702 over the course of the month.
The HPI was down 1.6 per cent on a month-over-month basis in August, not a small decline historically, but smaller than those in June and July.
The Teranet-National Bank index is still higher than it was a year ago, up 8.9 per cent in August.
In all of the cities that it tracks, price increases were recorded. Victoria had the largest year-over-year gain with a 14.2 per cent increase, followed by Halifax with a 15.2 per cent increase.
Teranet tracks price increases in 20 other cities that are not included in the index.
The following cities are included in the index.
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