Home prices fall a record 12 per cent in 2022 as homeowners grapple with rising rates

The average national home price in December was $626,318, down from over $816,000 when the market peaked in early 2022, said CREA in a new report.

“The adjustment to higher rates is not fully over, but one major sign is that sales haven’t really fallen any more since last summer. The market also tightened up in December,” Shaun Cathcart, senior economist at CREA, told the Star. CREA’s benchmark Home Price Index was $730,600 in December, down 1.6 per cent from the previous month. That represents a 13.2 per cent decrease since February, according to the industry group, when prices reached their peak before the Bank of Canada started hiking interest rates to curb inflation.

Good, they need to keep falling

Good. Keep going.

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