Canadian Real Estate Prices Go Negative

Canadian Real Estate Prices Go Negative
19/03/2019 , by , in INTERNATIONAL

Canadian real estate markets are heading into the busy season with negative price growth. Canadian Real Estate Association (CREA) numbers show an annual decline for the price of a benchmark home in February. The decline for the benchmark is the first since 2009, and the first for the index outside of recession.

The price of a typical home in Canada made the first annual decline in almost 10 years, last month. The CREA benchmark fell to $615,300 in February, up 0.3% from the month before. Prices are now down 0.13% lower when compared to the same month last year. This is the first annual decline since 2009, and the only one outside of a recession.

The annual pace of growth (or lack thereof) is trending lower. The 0.13% decline is small, but lower than the month before. This is the sixth consecutive month of declines, with prices dropping 1.45% over just the past 6 months.

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