Great news for Victoria homebuyers

March 7, 2012

Canadian housing prices were flat or falling in the last quarter of 2011.

The Teranet-National Bank house price index indicates that Canadian home prices fell in December by 0.2 per cent from the previous month. This was the second straight monthly decline following two consecutive months of flat prices.

Home prices fell in December in nearly half of the 11 markets included in the survey, including Victoria, Ottawa-Gatineau, Montreal, Toronto and Vancouver. "For Ottawa-Gatineau, Vancouver and Victoria it was the third consecutive decline, and for Toronto it was the second," wrote National Bank senior economist Marc Pinsonneault in his monthly report.

Pinsonneault added that the Canadian Real Estate Association has determined market conditions are generally balanced across Canada, "the exceptions were tight markets in Toronto, Hamilton, Winnipeg and —suddenly — Halifax, and buyers' markets in Vancouver and Victoria."



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