Benchmark home prices declined 1.7 per cent in July, to $789,600 according to data released Monday from the Canadian Real Estate Association.
While an unprecedented boom drove Canadian home prices to record levels in the first two years of the COVID-19 pandemic, it has started to reverse since the Bank of Canada began raising interest rates. The benchmark overnight lending rate, which was holding at an emergency low of 0.25 per cent until March, is now at 2.5 per cent, with another outsized hike expected in September.
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