UPDATE 1-Canada house prices dip 0.4 pct in Sept from Aug - Teranet

Wed Oct 24, 2012 10:03am EDT
 
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* Prices up 3.6 on year, 10th month of deceleration

* Vancouver, Victoria lead the price decline

By Andrea Hopkins

TORONTO, Oct 24 (Reuters) - Home prices dipped in September from August and year-over-year price gains slowed for a 10th straight month in another sign that Canada's housing market is cooling, the Teranet-National Bank Composite House Price Index showed on Wednesday.

The index, which measures price changes for repeat sales of single-family homes, showed overall prices fell 0.4 percent in September from a month earlier, the third September drop over the past 13 years.

"The other two (September declines) were in 2008, as Canada was entering recession, and during the correction of 2010," Teranet noted in its report.

The index was up 3.6 percent from a year earlier, for a 10th consecutive month of deceleration in 12-month inflation.

"Today's print further underscores the moderation in Canada's housing market," Mazen Issa, Canada Macro Strategist at TD Securities, said in a research note.

The report is the latest in a string of data suggesting that an extended Canadian upswing in house sales and prices is coming to an end.   Continued...