The national HPI increase in November is atypical at this time of the year, as it dropped seven times in that month over the last ten years. Furthermore, the two index monthly drops among the 11 metropolitan areas comprised in the national HPI constitute the lowest diffusion of declines in November over the last decade. If we add 14 other metropolitan areas not comprised in the national index, we have seven index drops last month, which is also the lowest diffusion of declines for a month of November over the decade.

Consistent with the recovery of home sales, the two consecutive gains in Vancouver’s index contributed to strengthen the national HPI. Meanwhile, Toronto’s index stagnated over the last two months as home sales plateaued. But this is not worrisome, as the market remains balanced. Montreal’s index displayed the most sustained performance, with 17 rises over the last 20 months, but it is second to Ottawa when it comes to cumulative growth over the period (15.4% for Ottawa against 11.0% for Montreal).