High interestrates continue to push national home prices downward, breaking records month after month. hp_index | realestate realestatenews housingmarket realestatemarket
As the high interest rate environment continues to cast a shadow over real estate in Canada, national home prices saw yet another monthly decline in September, effectively “shattering” a record set in August., released yesterday, which tracks observed or registered home prices across 11 CMAs: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montreal, Quebec City, and Halifax.
Of the 11 CMAs examined, eight saw their indexes contract, with the most dramatic decreases observed in Victoria , Vancouver , and Hamilton . Additionally, major price declines were observed in 18 of the 20 CMAs not included in the composite index, with Peterborough , Windsor , Belleville , and London seeing the greatest drops.Meanwhile, Calgary, Halifax, and Edmonton saw positive index activity — increasing 1.2%, 1.1%, and 0.
On an annual basis, the national composite index saw a gain of 6.0% in September, however, this was the fifth-straight month where that figure decelerated. Nonetheless, all 11 CMA examined observed year-over-year gains, with Halifax leading the pack , followed by Calgary and Montreal . Across the 20 CMAs discluded from the composite index, 19 saw YoY gains, led by Trois-Rivières . Peterborough was the sole exception at -6.6%.Zakiya is a staff writer with STOREYS. Previously, she has reported on real estate for Post City Magazines, Apartment Therapy, and Curbed. She also writes a quarterly series for a Canadian design publication.
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