01/23/2013 09:43 EST | Updated 03/25/2013 05:12 EDT

Canada House Price Growth Slows After Weak December


TORONTO, Cananda - The Teranet-National Bank index of Canadian housing prices continues to show effects from cooler demand for residential properties in most big markets.

The December price index was up 3.1 per cent in 2012 — the lowest increase in three years.

On a month-to-month basis, the index was down 0.4 per cent from November — marking one of the weakest Decembers on record going back 13 years.

The composite index covering 11 major urban centres stood at 153.45 last month, down from 154.02 in November.

Eight of 11 local markets tracked by the Teranet land registry system showed declines from November, including Calgary and Edmonton.

There were also declines in Halifax, Montreal, Ottawa, Toronto, Winnipeg and Vancouver and higher readings in Hamilton, Quebec City and Victoria.

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