Canadian Home Prices Tumble the Most Since 2008 Recession

  • Sales in biggest city still falling after government measures
  • But economists see evidence the worst declines may be over

Canada’s benchmark home price fell by the most in nearly a decade last month as Toronto led a fourth straight decline in sales.

The nationwide benchmark home price declined 1.5 percent to C$607,100 ($476,000) from June, the Canadian Real Estate Association said Tuesday, the largest drop since the previous recession. In Toronto, the country’s largest city, the price fell 4.7 percent on the month.

The steam is coming out of Toronto’s housing market after Ontario’s provincial government introduced measures in April that included a foreign buyer’s tax to cool what officials called unsustainable price gains. Mortgage costs have also started moving up from the lowest in decades after the central bank raised its benchmark interest rate last month for the first time in seven years…

Canadian Home Prices Tumble the Most Since 2008 Recession

Categories : Real Estate

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