Teranet-National Bank index shows continued weakness for home resales

TORONTO – The Teranet-National Bank house price index had its sixth consecutive month-to-month decline in February, providing more evidence of the cooling trend that has beset home sales since last summer.

The index fell 0.2 per cent from January and increased only 2.7 per cent on a year-to-year basis from February 2012.

That matched January’s year-to-year increase, the smallest since November 2009.

Teranet compiles the index based on a selection of homes sold in major markets across Canada.

The national composite index stood at 152.72 in February .

Many economists and industry groups have noted that Canadian housing prices have softened since the latest mortgage reforms brought in by Finance Minister Jim Flaherty last July.