Real Estate
Canada Home Prices See Record Drop as High Rates Hit Buyers
- Benchmark price has declined 13% from its peak in February
- Pressure likely to persist as interest-rate increases continue
A "For Sale" sign in front of a home in the York neighborhood of Toronto, Ontario, Canada, on Thursday, March 11, 2021. Canadian home prices fell by the most on record in 2022, as rapidly rising interest rates forced a market adjustment that may have further to go.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Canadian home prices fell by the most on record in 2022, as rapidly rising interest rates forced a market adjustment that may have further to go.
The country’s benchmark home price fell 1.6% in December to C$730,600, bringing the total decrease since February’s peak to 13.2%, the Canadian Real Estate Association said Monday.