Canadian real estate prices were the fastest rising in the world just a few months ago. Now we’re claiming the opposite title, as the market explores where prices should be. Newly released Federal Reserve Bank of Dallas (Dallas Fed) numbers show a decline in home prices for the third quarter of 2017. This is the first time in over five years that Canadian real estate prices have declined for a quarter. Despite the quarterly decline, prices still remain significantly higher than the year before.
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U.S. Federal Reserve home prices index
The Dallas Fed publishes home price indexes for academics and researchers. Today we’ll be looking at their Real House Price Index (RHPI). It’s the same concept as the HPI that Teranet and the Canadian Real Estate Association(CREA) produce. In fact, they actually use CREA data to create it. They also combine it with data from Royal LePage, Statistics Canada, and UBC. This helps them get a cleaner, and more comprehensive look at the general market.