TORONTO - There's mounting evidence October was a weak month for sales of Canadian housing.

A new monthly analysis by Teranet shows Canadian housing prices declined last month compared with September — only the third time in 13 years of data that there was a month-to-month decline in October.

The Teranet-National Bank National composite house price index, released Wednesday, said house prices were up an average of 3.4 per cent across Canada in October compared with a year ago.

However, the index also showed an 11th consecutive month of deceleration in year-to-year price increases and a 0.2 per cent drop in average prices from September levels.

The index also declined between September and October 2008, just before a major recession was sparked by a crisis in the U.S. financial industry.

Several industry groups have noted a moderation in housing sales since the federal government began tightening mortgage eligibility rules. The most recent change, in July, reduced amortization periods to 25 years from 30.

A national association representing Canadian mortgage brokers recently suggested the changes have gone too far and the Canadian Real Estate Association reported that sales of existing homes slowed since the new rules.

The Building Industry and Land Development Association (BILD), representing builders in Toronto and the surrounding area, said Wednesday that last month had the second-lowest sales of any October in the past 13 years.

"In an attempt to cool down the market, the federal government has severely affected the building and development industry in the GTA," said BILD President and CEO Bryan Tuckey.

"The introduction of stricter mortgage regulations has triggered a decline in new home sales, and if this trend continues, it will affect job creation in the coming years, restricting economic growth."

BILD says RealNet Canada, the association's source of market intelligence, showed 2,792 new homes were sold in October — the third month in a row of low sales in the Greater Toronto Area.

It said year-to-date sales of 29,322 new homes in the GTA were 14 per cent below the long-term average.

Teranet said in its national report that Canadian housing prices were down from the month before in seven of the 11 metropolitan markets surveyed.

It was the third consecutive month of decline for Quebec City, off 0.9 per cent and Victoria, 0.6 per cent and the second consecutive drop for Ottawa-Gatineau, down 0.4 per cent, and Montreal, off 0.3 per cent.

Toronto was down 0.6 per cent on the month, as was Calgary (-0.2 per cent) and Halifax (-0.1 per cent), while Winnipeg was flat.

Prices were up 0.1 per cent in Vancouver, 0.3 per cent in Edmonton and 0.4 per cent in Hamilton.

In Montreal, 12-month inflation has decelerated in 10 of the last 11 months, in Toronto in each of the last six months and in Winnipeg in each of the last four months.

Twelve-month price changes continue to vary widely.

In October, the 12-month gain exceeded the national average by a wide margin in four metropolitan areas: Halifax (8.9 per cent), Hamilton (7.2 per cent), Toronto (6.4 per cent) and Winnipeg (5.9 per cent).

Montreal, with a gain of 3.6 per cent and Calgary, at 3.5 per cent, were close to the national average, while price increases of 2.6 per cent in Quebec City and Edmonton and 2.5 per cent in Ottawa-Gatineau were below the national average.

Vancouver and Victoria both saw price deflation of 1.0 and 1.7 per cent respectively.

The Teranet index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation.

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  • Calgary: 3-bedroom house

    <strong>$1.08 million:</strong> Located in the trendy Altadore neighbourhood of Calgary, this as-yet-unbuilt modernist house features views of the downtown core as well as a personal elevator. Source: Keller Williams Realty

  • Calgary: 3-bedroom house

    <strong>$1.08 million:</strong> Located in the trendy Altadore neighbourhood of Calgary, this as-yet-unbuilt modernist house features views of the downtown core as well as a personal elevator. Source: Keller Williams Realty

  • Calgary: 3-bedroom house

    <strong>$1.08 million:</strong> Located in the trendy Altadore neighbourhood of Calgary, this as-yet-unbuilt modernist house features views of the downtown core as well as a personal elevator. Source: Keller Williams Realty

  • Toronto: 1-bedroom condo

    <strong>$988,000:</strong> Located in the posh Residences of the Ritz Carlton, in the heart of Toronto, this condo features one of only a handful of private terraces in the entire building. Source: Sotheby's International

  • Toronto: 1-bedroom condo

    <strong>$988,000:</strong> Located in the posh Residences of the Ritz Carlton, in the heart of Toronto, this condo features one of only a handful of private terraces in the entire building. Source: Sotheby's International

  • Toronto: 1-bedroom condo

    <strong>$988,000:</strong> Located in the posh Residences of the Ritz Carlton, in the heart of Toronto, this condo features one of only a handful of private terraces in the entire building. Source: Sotheby's International

  • Montreal: 4-bedroom rowhouse

    <strong>$998,000:</strong> This historic townhouse in the wealthy enclave of Westmount is "of historic interest," according to the realtor, and features its original glass doors and marble panels at the entrance. Source: Sotheby's International

  • Montreal: 4-bedroom rowhouse

    <strong>$998,000:</strong> This historic townhouse in the wealthy enclave of Westmount is "of historic interest," according to the realtor, and features its original glass doors and marble panels at the entrance. Source: Sotheby's International

  • Montreal: 4-bedroom rowhouse

    <strong>$998,000:</strong> This historic townhouse in the wealthy enclave of Westmount is "of historic interest," according to the realtor, and features its original glass doors and marble panels at the entrance. Source: Sotheby's International

  • West Vancouver: 1-bedroom condo

    <strong>$985,000:</strong> The real estate agent boasts that this property offers a "spectacular 180 degree view of the city, Lions Gate Bridge, Stanley Park, Kitsilano, Point Grey and beyond to Vancouver Island." Source: Angell Hasman Realty

  • West Vancouver: 1-bedroom condo

    <strong>$985,000:</strong> The real estate agent boasts that this property offers a "spectacular 180 degree view of the city, Lions Gate Bridge, Stanley Park, Kitsilano, Point Grey and beyond to Vancouver Island." Source: Angell Hasman Realty

  • West Vancouver: 1-bedroom condo

    <strong>$985,000:</strong> The real estate agent boasts that this property offers a "spectacular 180 degree view of the city, Lions Gate Bridge, Stanley Park, Kitsilano, Point Grey and beyond to Vancouver Island." Source: Angell Hasman Realty

  • Charlottetown, P.E.I.: 8-bedroom house

    <strong>$998,700:</strong> This historic property was once the Edenhurst Inn and is now on sale as a private residence. "No expense was spared in the construction of this home using sycamore and oak for interior finishing," the realtor says. Source: Re/Max Charlottetown

  • Charlottetown, P.E.I.: 8-bedroom house

    <strong>$998,700:</strong> This historic property was once the Edenhurst Inn and is now on sale as a private residence. "No expense was spared in the construction of this home using sycamore and oak for interior finishing," the realtor says. Source: Re/Max Charlottetown

  • Charlottetown, P.E.I.: 8-bedroom house

    <strong>$998,700:</strong> This historic property was once the Edenhurst Inn and is now on sale as a private residence. "No expense was spared in the construction of this home using sycamore and oak for interior finishing," the realtor says. Source: Re/Max Charlottetown

  • Winnipeg: 4-bedroom house

    <strong>$989,900:</strong> This modernist mansion from custom home designers Artista Homes features three fireplaces, including a three-sided one, and ensuite bathrooms with heated floors. Source: Royal LePage Alliance

  • Winnipeg: 4-bedroom house

    <strong>$989,900:</strong> This modernist mansion from custom home designers Artista Homes features three fireplaces, including a three-sided one, and ensuite bathrooms with heated floors. Source: Royal LePage Alliance

  • Kamloops, B.C.: 2-bedroom ranch house

    <strong>$960,000:</strong> This ranch house inspired by the "pueblo" style of the U.S. southwest is located in one of the few places in Canada that look like the southwest U.S. — the B.C. interior. The house features foot-thick concrete walls, and is set into the hillside to look half-buried. Source: Royal LePage Kamloops

  • Kamloops, B.C.: 2-bedroom ranch house

    <strong>$960,000:</strong> This ranch house inspired by the "pueblo" style of the U.S. southwest is located in one of the few places in Canada that look like the southwest U.S. — the B.C. interior. The house features foot-thick concrete walls, and is set into the hillside to look half-buried. Source: Royal LePage Kamloops

  • Kamloops, B.C.: 2-bedroom ranch house

    <strong>$960,000:</strong> This ranch house inspired by the "pueblo" style of the U.S. southwest is located in one of the few places in Canada that look like the southwest U.S. — the B.C. interior. The house features foot-thick concrete walls, and is set into the hillside to look half-buried. Source: Royal LePage Kamloops

  • Montreal: 5-bedroom townhouse

    <strong>$985,000:</strong> The realtor humbly describes this property as a "cottage in Westmount," but with five bedrooms, four baths and parking for two, this "cottage" is pretty out-sized. Source: Profusion Realty

  • Montreal: 5-bedroom townhouse

    <strong>$985,000:</strong> The realtor humbly describes this property as a "cottage in Westmount," but with five bedrooms, four baths and parking for two, this "cottage" is pretty out-sized. Source: Profusion Realty

  • Montreal: 5-bedroom townhouse

    <strong>$985,000:</strong> The realtor humbly describes this property as a "cottage in Westmount," but with five bedrooms, four baths and parking for two, this "cottage" is pretty out-sized. Source: Profusion Realty

  • Toronto: 4-bedroom bungalow

    <strong>$989,000:</strong> Located in an area with lots of surrounding commercial properties, the seller notes that the zoning could easily be changed to allow for a business. But you can always just live in this property, if paying $1 million for a bungalow strikes you as reasonable. Source: Realty Way Corporation

  • Saskatoon: 3-bedroom house

    <strong>$970,000:</strong> Don't let your eyes deceive you: This isn't a historic property. Rather, this duplex is a recreation of the Todd House, a 19th-century home located in Toronto. It's so modern it even features an indoor garage. Source: Hallmark Realty

  • Saskatoon: 3-bedroom house

    <strong>$970,000:</strong> Don't let your eyes deceive you: This isn't a historic property. Rather, this duplex is a recreation of the Todd House, a 19th-century home located in Toronto. It's so modern it even features an indoor garage. Source: Hallmark Realty

  • Saskatoon: 3-bedroom house

    <strong>$970,000:</strong> Don't let your eyes deceive you: This isn't a historic property. Rather, this duplex is a recreation of the Todd House, a 19th-century home located in Toronto. It's so modern it even features an indoor garage. Source: Hallmark Realty

  • Port Medway, N.S.: 3-bedroom seaside estate

    <strong>$990,000:</strong> Originally meant to be occupied by the architect who designed this property, this property on Nova Scotia's South Shore is "designed to be self-sustaining," the realtor says, and was built partly using reclaimed and re-purposed materials. Source: Tradewinds Realty

  • Port Medway, N.S.: 3-bedroom seaside estate

    <strong>$990,000:</strong> Originally meant to be occupied by the architect who designed this property, this property on Nova Scotia's South Shore is "designed to be self-sustaining," the realtor says, and was built partly using reclaimed and re-purposed materials. Source: Tradewinds Realty

  • Port Medway, N.S.: 3-bedroom seaside estate

    <strong>$990,000:</strong> Originally meant to be occupied by the architect who designed this property, this property on Nova Scotia's South Shore is "designed to be self-sustaining," the realtor says, and was built partly using reclaimed and re-purposed materials. Source: Tradewinds Realty

  • An actual house in Vancouver!

    It may be a shock to some, but yes, it is possible to buy an actual house — not a condo — for under a million in Vancouver. Here's proof: A two-bedroom property in the city's desirable Kitsilano neighbourhood, for a mere <strong>$998,800!</strong> Source: Sutton Group - West Coast

  • An actual house in Vancouver!

    It may be a shock to some, but yes, it is possible to buy an actual house — not a condo — for under a million in Vancouver. Here's proof: A two-bedroom property in the city's desirable Kitsilano neighbourhood, for a mere <strong>$998,800!</strong> Source: Sutton Group - West Coast

  • An actual house in Vancouver!

    It may be a shock to some, but yes, it is possible to buy an actual house — not a condo — for under a million in Vancouver. Here's proof: A two-bedroom property in the city's desirable Kitsilano neighbourhood, for a mere <strong>$998,800!</strong> Source: Sutton Group - West Coast



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  • 8 [tie]: Richmond, British Columbia - 12 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: The Canadian Press

  • 8 [tie]: Ottawa, Ontario - 12 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: Alamy

  • 8 [tie]: Boston, Massachusetts - 12 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: Alamy

  • 7: Miami, Florida - 13 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: Shutterstock

  • 6: Calgary, Alberta - 13 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: Alamy

  • 5: Chicago, Illinois - 17 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: Shutterstock

  • 4: Montreal, Quebec - 20 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: Alamy

  • 3: Vancouver, British Columbia - 21 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: Alamy

  • 2: New York City - 72 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: Shutterstock

  • 1: Toronto - 147 highrises

    As of Oct. 2012. Source: <a href="http://www.emporis.com/">Emporis</a> Photo: The Canadian Press