The toll that rising interest rates are taking across Canada’s housing markets became even more apparent this past week as reports from local real estate boards revealed the downturn was deepening from coast to coast.
Since March the composite MLS Home Price Index has shed $178,000, or 13%, falling to $1.16 million. In July alone prices declined 3.9% or $47,000. Previously this had just slowed the growth in prices, but July could be a turning point, with both single-family homes and condo prices actually declining.
financialpost So, this is a good thing, right? Right?
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