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MNI BRIEF: Canada Feb Teranet Home Price Index Record -11% YOY

(MNI) OTTAWA

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%.

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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%.

Keep reading...Show less