According to Royal LePage, the aggregate price of a home in Canada decreased modestly by 2.8% year-over-year in the fourth quarter to $757,100; the first year-over-year decline recorded since the end of 2008 during the global financial crisis.
The most dramatic decrease was experienced in the Greater Toronto Area where the aggregate price of a home decreased 4.6% to $1,068,500.
“While home prices in Winnipeg have come down since their peak, the region has fared better than Canada’s major urban centres since the Bank of Canada began raising interest rates last March,” said Michael Froese, Royal LePage Prime Real Estate broker and manager in a press release.
“While sales are down compared to historical norms, there is little new inventory hitting the market right now” said Froese.
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