Canadian home prices fall 12% in November from last year as winter chill sets in

Real estate markets continued to feel the chill from rising interest rates in November, with benchmark home prices and sales volumes falling.

In November, 60 per cent of domestic markets saw a decrease in sales, led by a decline of 15.3 per cent in the GreaterVancouver Area.

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"November's housing data from across Canada came in as expected, and that is unlikely to improve this winter with the Bank of Canada raising rates again last week." When listings start to come out in large numbers in the spring, it will be interesting to see what buyers do, and even more so when the Bank of Canada starts to tighten its monetary policy later in the year.

In November, the MLS Home Price Index was down 4% from the previous month and the average price was down 12% from a year ago.

The monthly decline in sales wiped out a small gain posted in October, while on an annual basis transaction were off by 38.9 per cent.

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