Canadian home prices are falling again, with the broad
MLS HPI down 2.1% year over year, noted Bank of Montreal (BMO).
In March alone, prices fell 11.9% annualized seasonally adjusted, while they are now tracking down 8.5% annualized over the latest three months, said the bank.
Rate cuts are not helping, with the lowest available mortgage rate still stuck around 4% or slightly above -- rates will vary -- and confidence weighed down by the trade war with the United States, added BMO.
The weakness is mostly an Ontario story, where buyers' markets are evident across a number of cities, stated the bank. In Toronto, the glut of condos hitting the resale market is marking one of the weakest spots in Canadian real estate, with prices down 4.5% year over year.
Single-detached prices in Toronto are also below year-ago levels after falling in March. Condo markets across the smaller Southern Ontario cities (Barrie, Niagara and
London) are performing even worse.
It's a long way back to the "frothy" early-2022 highs, in
terms of both time and dollars, according to BMO.
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