February 21, 2024 13:46 GMT
MNI BRIEF: Canadian New Home Prices In Longest Fall Since 2009
(MNI) OTTAWA
OTTAWA (MNI)
Bank of CanadaCentral Bank NewsPolicy NewsHomepageCanada Bank of Canada Market NewsBriefStoryRegionNorth America
Prices for new Canadian homes have entered their longest decline since the aftermath of the Global Financial Crisis in 2009, the federal statistics office said Wednesday.
Statistics Canada's New Housing Price Index declined 0.7% in January from a year ago, the 10th consecutive drop. The Bank of Canada's 10 interest-rate hikes have strained builders seeking to finance new projects and borrowers who also must pass a "stress test" showing they can afford above-market rates. (MNI INTERVIEW: BOC Stays Restrictive Through 2024- Ex Adviser)
83 words