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