Economics
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
Home prices in Canada’s largest city posted their biggest monthly drop in at least 17 years in July and sales plunged as government efforts to cool the market and the near-collapse of a mortgage lender made buyers leery. Bloomberg's Erik Hertzberg reports. (Source: Bloomberg)
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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.