TORONTO: Canadian home prices fell in December from the previous month, extending their decline from a May peak, while prices were no longer up on a year-over-year basis, Teranet–National Bank National Composite House Price data showed on Thursday.

The index, which tracks repeat sales of single-family homes in major Canadian markets, dropped 1.1% on the month, led by declines in Winnipeg and the metropolitan area of Ottawa-Gatineau.

From its peak in May, the index has now fallen 10%, with Hamilton down 17.5% and Toronto, Canada’s most populous city, falling 14.3%.

Canada October retail sales up 1.4% on gasoline, seen down 0.5% in November

Prices were flat compared with December 2021, marking the first time since the 2008-09 global financial crisis that the index did not see a year-over-year increase, Daren King, an economist at National Bank of Canada said in a statement.

The Teranet index tracks closings, so it typically lags realtor sales data by three to five months.