The national benchmark price for a home declined 1.9% to C$714,700 in January from December, according to data released Wednesday by the Canadian Real Estate Association. It’s down 15% from last year’s peak.
Sales fell 3% in January from the previous month, while the number of new listings rose 3.3%, keeping downward pressure on prices, the real estate board data show. “Hope springs eternal that housing activity may be close to a bottom, but we suspect that the market is still digesting the incredibly aggressive rate hikes of the past year,” Doug Porter, chief economist at Bank of Montreal, said in a report to clients about the latest data. “Accordingly, we look for some further price softness nationally in the months ahead.”
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