Canada home prices dip in October; first decline in eight months: Teranet

A sign advertises a house for sale as Canada's central bank announced its first interest rate hike in nearly seven years, on a residential street in midtown Toronto, Ontario, Canada July 12, 2017. REUTERS/Chris Helgren

TORONTO (Reuters) - Canadian home prices fell in October for the first time in eight months as widespread price declines were seen across the country, data showed on Thursday.

The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices fell 0.4 percent in October from September.

Prices were down in 10 of the 11 metropolitan markets surveyed, Teranet said. Just Montreal was higher, with a 0.2 percent gain.

On a year-over-year basis, the index climbed 2.8 percent.

(This story corrects the day to Thursday, not Friday, in first paragraph.)

Reporting by Fergal Smith; Editing by Sandra Maler