Canadian home prices in July were down 5.1% from a year earlier, according to the Teranet-National Bank National Composite House Price Index. Though it was the eighth consecutive 12-month decline, it was also the first time in 13 months that prices in every region covered by the index were up from the month before. For the composite index it was a third consecutive monthly rise (see charts above). The trend reversal is consistent with improving market conditions for the country as a whole in recent months - more homes have been selling and fewer have been coming on the market.
MP: The three consecutive monthly increases in Canada's main House Price Index follows 8 consecutive monthly decreases, and is the largest cumulative three-month increase in about two years (see bottom chart above).