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Canadian Home Prices Down 7.4% from Peak

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John Pasalis in Toronto Real Estate News

February 2009 marked the sixth straight monthly decline for the Teranet National Bank House Price Index for Canada.  Canadian home prices are now down 7.4% from their peak in August 2008.

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Four of the six cities tracked by the index were down in February from a year earlier.  Calgary (-8%), Vancouver (-6%), Toronto (-5%) and Halifax (-0.5%) all experienced a decline in house values with Montreal (3%) and Ottawa (3%) still seeing a rise in house values.

Of the six Canadian cities tracked Calgary is experiencing the biggest decline in prices.  Prices have fallen 12% in Calgary from their peak.

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John Pasalis is the Broker owner of Realosophy Realty Inc in Toronto. Email John

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John Pasalis
John Pasalis
John Pasalis is President of Realosophy Realty, a Toronto real estate brokerage which uses data analysis to advise residential real estate buyers, sellers and investors. A specialist in real estate data analysis, John's research focuses on unlocking micro trends in the Greater Toronto Area real estate market. His research has been shared with the IMF and cited by the Bank of Canada and CMHC. A frequent commentator on the Toronto housing market and real estate consumer and industry issues, John has contributed to the Globe and Mail, CBC, BNN Bloomberg, TVO's The Agenda, Toronto Star and other media, national and international government and industry organizations. John holds a B.Sc. in Economics from the University of Toronto and is a candidate in the Doctorate of Business Administration Program at the University of Toronto and Henley Business School (UK).
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