Canadian House Price Index – March, 2009

May 28, 2009

The March report showed Canadian home prices are still falling

Press release:

Canadian home prices in March were down 5.8% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the fourth consecutive 12-month decline. March was also the seventh straight month in which the composite index was down from the month before – the longest run of monthly declines since the beginning of index coverage in February 2000. The composite is now down 8.5% from its peak of last August.

Read the full release here.

Richmond real estate

At local level, the real estate market in Richmond appeared to have level off with significant gain in sales activities as reported for April. The surge in spring sales had depleted much of the homes within the price range for home buyers. New listings over the past weeks had not kept pace with the demand, resulting in keen buying interest and multiple offers for some homes.

As previously reported elsewhere, there could be more downside slide in home prices over the next few quarters.

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