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Real Estate Prices Seen Falling Up To 15% - CMHC

CANADA
  • CANADA HOUSING AGENCY SEES REAL ESTATE PRICES FALLING UP TO 15% - bbg
  • The separate CREA's MLS home price index has already fallen 7.5% from its Feb peak but is still 40% higher than pre-pandemic levels, meaning considerable household wealth gains over that period.
  • Nevertheless, an adjustment in prices is clearly needed, with RBC noting earlier that Canadian homes have never been so unaffordable as higher rates push ownership costs to 60% of median household income from the previous record of 57% in Apr'90.
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