The Teranet-National Bank National Composite House Price Index™ for November was up 3.3% from a year earlier, for a 12th consecutive month of deceleration in 12-month inflation. Up through September this cross-country trend was replicated in the Vancouver market, but this is no longer the case. In Montreal 12-month inflation has decelerated in 11 of the last 12 months, in Toronto in each of the last seven months, in Winnipeg in each of the last five months, in Ottawa-Gatineau in eight of the last 10 months. The 12-month price change continues to vary widely by market. In November the 12-month gain exceeded the national average by a wide margin in five metropolitan areas: Halifax (7.3%), Hamilton (7.2%), Toronto (6.3%), Calgary (5.7%) and Winnipeg (5.2%). It lagged the average in four markets: Montreal (2.8%), Quebec City (2.7%), Ottawa-Gatineau (2.2%) and Edmonton (1.6%). Prices were down from a year earlier in Vancouver (−1.4%) and Victoria (−1.7%).