Home Economy Canadian House Prices Fall to Record Lows

Canadian House Prices Fall to Record Lows

Home Rents in Canada Increased
Photo Courtesy: Reuters

Housing prices in Canada fell rapidly in September from the previous month. On a month-on-month basis, house prices have fallen the most since the index was launched in 1999. However, house prices in the country have also slowed year-on-year. The article is about Canadian House Prices Fall to Record Lows.

Sales of older homes in Canada’s major markets fell 3.1 percent last month compared to August, according to the TerraNet-National Bank National Composite House Price Index, which tracks home prices. Toronto, Hamilton, and Ontario saw sharp declines in house prices.

In major markets, the index is now 7 percent lower than its peak in May, 13.5 percent lower in Hamilton, and 11.1 percent lower in Toronto. Home prices in the country are still higher than in 2021. For example, house prices rose by 6 percent last month compared to a year ago. However, the pace of growth has slowed down. Teranet Index tracks home contract completions. So it lags months behind real-time home sales data.

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