December 6, 2019

Calgary home prices plunge in biggest monthly drop on record

Andrea Hopkins, Reuters

Calgary home prices fell 3.3 per cent from April in the largest monthly drop recorded for the city.

TORONTO — Canadian home prices rose in May to a record high despite a drop in Calgary as weak oil prices continued to hurt demand in Canada’s energy heartland, the Teranet-National Bank Composite House Price Index showed on Friday.

The index, which measures price changes for repeat sales of single-family homes, showed national home prices rose 0.9 per cent last month from April.

Prices were up 4.6 per cent from a year earlier, an acceleration from April, and set a record nationally even as several key markets have passed their peak.

Prices rose in 10 of 11 major markets. Calgary bucked the trend, falling 3.3 per cent from April in the largest monthly drop recorded for the city.

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