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Home-price skid hits four months amid steep interest rate hikes - BNN Bloomberg

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Canada’s real-estate correction deepened, with prices falling for fourth straight month as the central bank ratchets up interest rates.

Benchmark home prices declined 1.7 per cent in July, to $789,600 according to data released Monday from the Canadian Real Estate Association.

While an unprecedented boom drove Canadian home prices to record levels in the first two years of the COVID-19 pandemic, it has started to reverse since the Bank of Canada began raising interest rates. The benchmark overnight lending rate, which was holding at an emergency low of 0.25 per cent until March, is now at 2.5 per cent, with another outsized hike expected in September.

 

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China shocks with rate cut as data show 'alarming' slowdown - BNN BloombergChina’s economic slowdown deepened in July due to a worsening property slump and continued coronavirus lockdowns, with an unexpected cut in interest rates unlikely to turn things around while those twin drags remain.
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