Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Canadian home prices fell a record 11.2% in February from a year ago, according to the Teranet-National Bank index, the second indicator this week to reveal the slump following the central bank's eight rate hikes.
Prices also fell 0.5% in February from January, the tenth consecutive month-over-month decline, in records which go back to at least 2000. The data come days after Canada's main realtor group said prices fell a record 18.9% in February from a year earlier, the most in records back to 1980, while sales fell 40%.
Housing boomed for two decades but is slipping after the BOC's tightening and remains vulnerable amid record consumer debts. Governor Tiff Macklem has said he's likely done hiking as rate hikes cool overheated demand including housing. Affordability remains pinched even after the price slump and officials have told government its goal of doubling the pace of home construction is at risk. (See: MNI: Trudeau Told Falling Prices To Hurt Homebuilding-Briefing)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.