The Canadian Real Estate Association says home prices in Canada fell for the 11th consecutive month in January while the number of new listings rose
after putting buying plans on hold last year. Mr. Allard said some of his clients have “reworked their budget and readjusted the price point they are willing to buy.”
Sadiq Boodoo, a mortgage broker in the Toronto region, said he has also seen a slight increase in borrowers seeking pre-approval, but it is still nowhere near normal market volumes. He said would-be borrowers were spooked last year, as they often saw their pre-approved mortgage rates disappear when the Bank of CanadaThe CREA report said that home prices are starting to increase in parts of Atlantic Canada. But large areas of Ontario and B.C.
In the Chilliwack region in B.C., for example, the home price index fell 3 per cent last month and is down 22 per cent year-over-year. In Kitchener-Waterloo and London in Ontario, the price index has declined by similar percentages over the same periods. In the Toronto region, the country’s largest real estate market, the price index dropped 2.2 per cent last month and has decreased by 9.6 per cent year-over-year. In the greater Vancouver area, the typical home price is 1.
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