Canada home prices fall for fourth straight month — via financialpost Canada RealEstate HousingMarket HomePrices
Benchmark home prices declined 1.7 per cent in July, to $789,600 according to data released Monday from the Canadian Real Estate Association.
The number of sales also continued to drop, falling 5.3 per cent from June and 29.3 per cent from a year earlier, the data show. While an unprecedented boom drove Canadian home prices to record levels in the first two years of the COVID-19 pandemic, it has started to reverse since the Bank of Canada began raising interest rates. The benchmark overnight lending rate, which was holding at an emergency low of 0.25 per cent until March, is now at 2.5 per cent, with another outsized hike expected in September.
The home-price declines so far have been sharpest in markets with the biggest run-ups — mainly Toronto and the communities around it — but signs are emerging that weakness is now spreading across the country.Article content
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