MNI BRIEF: Canada Home Price Decline Now Matches 2008-Teranet

Canada's year-over-year home price decline now matches the drop felt in the global financial crisis that began in 2008 according to the Teranet-National Bank index, underlining the drag from the central bank's eight interest-rate increases before Governor Tiff Macklem took a pause last month.

Prices fell 6.9% in March from a year ago according to the report Thursday. Prices also fell 0.8% from February and seasonally adjusted monthly prices slipped for a ninth consecutive month. Prices are likely to decline further, the report said.

Housing boomed for two decades but is slipping after the BOC's tightening and remains vulnerable amid record consumer debts. Affordability remains pinched even after the price slump and officials have told the government its goal of doubling the pace of home construction is at risk. (See: MNI: Trudeau Told Falling Prices To Hurt Homebuilding-Briefing)