The home price index was $1,091,300 last month, which amounts to a 1.1-per-cent rise from January
ticked higher in February, offering some relief for homeowners who have watched values plummet over the past year.
Home prices have plummeted since the Bank of Canada started hiking interest rates in March, 2022, to combat the worstrates in decades. The central bank last raised its benchmark rate by 0.25 percentage points in late January and hinted that it would pause there in order to assess the economic landscape. If that happens, it could offer the housing market a reprieve.may need to hike again, in large part because unemployment has remained incredibly low.
Homes in Durham Region, east of Toronto, have suffered the most, falling an average of 23 per cent year-over-year. Housing market statistics for Vancouver were also released Thursday, and home sales and prices also rebounded from January – but were below last year’s levels. The volume of resales rose 77 per cent month-over-month but were one-third lower than the 10-year February sales average, according to the Real Estate Board of Greater Vancouver.
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