Canadian Real Estate Spent 5 Years Wiping Out Just 13 Months of Gains

Canadian real estate prices slid further, spending almost 5 years to wipe out just 13 months of gains. Canadian Real Estate Association (CREA) data shows home sales fell further in September. Falling demand and lofty inventory left the weakest September demand balance since 1994. Canadian Home Prices Have Spent Nearly 5 Years Wiping Out 13 Months of Gains Canadian real estate prices: The price of a typical home across Canada (composite benchmark). Source: CREA; Better Dwelling. The price of a typical home dropped for a fourth straight month, falling 0.9% (-$5.7k) to $651,400 in September. That’s 3.4% (-$22.7k) lower than last year, and currently sits at its lowest level since February 2021. It’s a timeline that really highlights how bizarre the initial surge was. Canadian home prices peaked in March 2022, falling 22.5% (-$189.0k) as of last month. The drop is big, but the 54-month correction only wiped out gains from February 2021 to March 2022. A 13-month rise with the pandemic’s almost zero population growth took almost 5 years to correct. The demand balance also indicates that prices are still a little too steep. Canadian Real Estate Sales Slip, Inventory Remains Lofty Canadian ...