Ottawa home prices plunge in March: Teranet

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Ottawa home prices fell on both a month-over-month and year-over-year basis last month, according to the latest numbers from the Teranet-National Bank house price index.

The index, which measures swings in home prices over time, fell 0.6 per cent between February and March. It fell 1.2 per cent between March 2013 and last month.

Nationally, the home price index that measures the 11 major markets Teranet studies did not change on a month-over-month basis in March. With the exception of the recession year in 2009, that’s the first time that’s happened in the last 15 years, Teranet said in a news release.

On a year-over-year basis, the index increased 4.6 per cent.

Calgary, Edmonton, Halifax, Vancouver, Victoria and Winnipeg all saw the index increase from February to March, while Hamilton and Montreal joined Ottawa in seeing declines. Quebec and Toronto recorded no change.