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Canadian home prices fell 0.3 per cent in February from January, as prices dropped in seven of the 11 major markets, Teranet–National Bank National Composite House Price data showed on Friday.

The index, which tracks repeat sales of single-family homes in major Canadian markets, showed that the monthly decline – led by price drops in Toronto and Calgary – was smaller than the 1.1 per cent decrease recorded in January over December.

The prices – which are not seasonally adjusted – rose in four cities including Vancouver and Victoria, both in the western province of British Columbia.

Home prices fell by 4.7 per cent in February compared to February 2022, marking the second consecutive year-over-year decline, National Bank of Canada economist Daren King said in a statement.

The Teranet index tracks closings, so it typically lags realtor sales data by three to five months.