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Home Prices Post Record Fall in August Teranet-National Bank Index

CANADA
(MNI) OTTAWA
  • Index down 2.1% MOM, beating prior record of -1.3% in 2010. Prices fell everywhere except for three Alberta cities benefitting from higher energy prices
  • Higher interest rates and slowdown in home resales are the cause, analysts say
  • It's the fourth straight decline and the index may fall 10-15% by the end of next year, assuming BOC rate hikes stop at 4% and there is a cut in late 2023
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  • Index down 2.1% MOM, beating prior record of -1.3% in 2010. Prices fell everywhere except for three Alberta cities benefitting from higher energy prices
  • Higher interest rates and slowdown in home resales are the cause, analysts say
  • It's the fourth straight decline and the index may fall 10-15% by the end of next year, assuming BOC rate hikes stop at 4% and there is a cut in late 2023