Real Estate
Home-Price Skid Hits Four Months Amid Steep Bank of Canada Rate Hikes
- Benchmark prices drop 1.7% in July, with sales down 5.3%
- Weakness begins to spread beyond Toronto and surrounding area
Homes and housing construction in Colwood, British Columbia.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Canada’s real-estate correction deepened, with prices falling for a fourth straight month as the central bank ratchets up interest rates.
Benchmark home prices declined 1.7% in July, to C$789,600 ($610,950) according to data released Monday from the Canadian Real Estate Association. That brings the cumulative drop from February’s peak to nearly 6%.