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- The Most Splendid Housing Bubbles in Canada: After a Rocking & Rolling BoC-Pause Season, the First Price Drops Reappear
The Most Splendid Housing Bubbles in Canada: After a Rocking & Rolling BoC-Pause Season, the First Price Drops Reappear
by Wolf Richter Wolf Street
Short-term yields spiked from the pause-low in March of 4.0% to 5.3% today, mortgage rates with them: First results of the Bank of Canada’s unpause.
The spring selling season, or rather the Bank of Canada “Pause” season, which had been a rocking and rolling hoot, is over, and the first price declines are here. The Canada Home Price Benchmark Index for single family houses fell by 0.5% in July from June, and by 0.9% year-over-year, to $834,500 (all prices in Canadian dollars), the first decline since January, according to data from the Canadian Real Estate Association (CREA) today.