Canadian home prices flat in February after falling for 5 months

Canadian home prices were flat in February after falling for five straight months, a potential sign that the country’s housing market may be rebounding after last year’s slump.

The last time the home price index rose was from July to August last year, a month after the Bank of Canada shocked the market with back-to-back interest rate hikes. The surprise move had led to a slowdown in sales and a drop in home prices as many would-be homebuyers had a tougher time qualifying for a large enough mortgage to make a purchase.

“People are itching to get going,” said Samantha Villiard, regional vice president for RE/MAX real estate agency. “More people are slowly getting comfortable getting back into the market,” she said. At the same time, the home price index continued to fall in other markets that overheated when interest rates were nearly zero. That includes some parts of Ontario’s cottage country and less populated cities like Guelph.

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