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House prices have been falling for the last three months suggesting that Canada's hot housing market has cooled. Toronto (−1.4%), Hamilton (−1.6%), Ottawa-Gatineau (−0.8%) led that way, with a .5% drop overall. Toronto's overall drop was 7.1%.
The Teranet-National Bank house price index fell by 0.5 per cent in November, which is the largest drop for the month of November recorded outside of a recession said National Bank economist Marc Pinsonneault.
If the market slowdown is causing you to consider your options, contact us to see how we can help.