TORONTO – Home costs in Canada fell in February for the fifth straight month because of the weakening of most main markets, information revealed Wednesday.
The Teranet Home Composite Worth Index – Nationwide Financial institution Single-family dwellings, confirmed that costs had fallen zero.four% final month from January.
Besides in 2009, the 12 months of the worldwide monetary disaster, the decline was the best in February in 19 years, stated Marc Pinsonneault, senior economist at Nationwide Financial institution of Canada.
Costs fell in 9 of the 11 index markets. It was a 2% drop in Victoria, the capital of British Columbia. In Hamilton, a metropolis in Ontario the place a lot of the metal is produced in Canada, costs have dropped 1.four%.
The housing market in Canada has been slowing because the starting of final 12 months, as a consequence of tighter guidelines governing mortgages Rising rates of interest within the Financial institution of Canada since July 2017.
Costs rose 1.9% in February, on an annual foundation, primarily 6% within the Ottawa-Gatineau Capital Area. In Montreal, costs rose 5.2% year-over-year.
© Thomson Reuters 2019