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MNI DATA FORECASTS: EZ Inflation, US Payrolls In Focus
MNI BRIEF:Canada Avg Home Price Down Most Since 1980- Realtors
Canada's average home price fell the most in records back to 1980, falling 18.3% in January from a year earlier, the country's main realtor group said Wednesday.
The Canadian Real Estate Association's composite price index, which seeks to line up sales of similar types of houses, also fell 12.6%. Spokesman Pierre Leduc told MNI the composite decline is the biggest drop in those records back to 2005.
The group's monthly report said bigger declines are likely in the next two months as prices will be compared with a bump up last year as the economy re-opened. The average sales price also dropped 18.3% from a year ago in January, which saw sales fall 3% to the lowest since 2020.
The housing market boomed for almost two decades but is slipping after the Bank of Canada hiked interest rates by 425bps over the last year. Governor Tiff Macklem said he's likely done hiking as rate hikes will work to cool overheated demand including housing, but it's far too soon to talk about a cut.
Earlier today the federal housing agency reported housing starts also tumbled 13%. Officials have warned the government that its goal of doubling the pace of home construction is at risk. (See: MNI: Trudeau Told Falling Prices To Hurt Homebuilding-Briefing)
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