by Wolf Richter
Wolf Street
Hangover after a drunken party instigated by the Bank of Canada’s money-printing and interest-rate repression that turned buyers’ brains to mush.
Home sales in Canada plunged by 37% in January, compared to a year earlier, amid rising inventory. Home prices dropped by 0.5% in January from December, by 12.6% year-over-year, and by 17.8% from the peak in March 2022, the 10th month-to-month decline in a row, according to the Canada Composite Home Price Index by the Canadian Real Estate Association (CREA).
At C$713,700, the Composite Benchmark Index for all types of homes has now plunged by C$167,400 in 10 months to the lowest level since August 2021.