Canadian Home Prices Hit 3-Year Low Amid Ongoing Market Decline
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Canadian real estate prices continued to decline in October, marking the sixth consecutive month of price erosion. According to the Canadian Real Estate Association (CREA), the benchmark home price dropped by 0.8% ($5,500), reaching $707,700. Despite a surge in home sales, prices are now comparable to their levels from three years ago, raising questions about whether the market is truly stabilizing.
Year-over-year, the benchmark price fell by 2.7% ($19,800), with cumulative losses reflecting broader challenges in the market. While annual growth shows some improvement due to base effects, the monthly declines highlight ongoing volatility. October 2024's price drop, though slightly less severe than October 2023's, still signals a market far from recovery, underscoring persistent instability.
Since peaking in March 2022, home prices have plummeted by 16.9% ($144,300), hitting levels last seen in late 2023 and early 2021. This decline underscores the depth of the market's correction, as prices remain far below their record highs, reflecting the sustained impact of economic pressures on housing affordability and demand.
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