Economics
Canadian Housing Slump Deepens With First Drop in Values in Decades
- Debt burdens continue to rise as economy slowed at end of year
- Larger proportion of income is going toward servicing debt
This article is for subscribers only.
Canadian home values fell last year for the first time in three decades amid falling prices in some of the country’s priciest markets, even as debt burdens increased.
The value of residential real estate in Canada held by households dropped C$30 billion ($22.5 billion) in the fourth quarter to C$5.10 trillion, from C$5.13 trillion in the same quarter the previous year, Statistics Canada reported Thursday. The 0.6 percent decline is the first decrease in country-wide home values in data going back to 1990.