Seven months in a row and counting. RBC | interestrates realestate mortgagerates housingmarket realestatenews
11:36 AM Oct 17, 2022
In tandem, property values are on the decline nation-wide, dropping the most dramatically in Ontario over the past seven months, and in key BC markets over the past six months. As of September, Canada’s composite MLS Home Price Index fell 1.4% since the most prior and 8.8% since the February peak. Per the report, the current housing correction is “the second largest in the area since the inception of the index in 2000, and is rapidly closing in on the downturn that took place in 2017-2019” — which saw the HPI drop by 10.9%.
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