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Toronto home prices drop for 4th month

 

Bloomberg

Toronto benchmark home prices fall for a fourth-straight month, a record-breaking streak of declines that some economists warn could become an historic downturn in Canada’s real estate market.
The home-price index in Canada’s largest city declined 3.9% in July from the month earlier, bringing the total drop since April to 13.3%, according to data released on Thursday by the Toronto Regional Real Estate Board. That’s the worst four-month performance since the measure started being tracked in 2005.
After an unprecedented run-up through the course of the pandemic, Canadian home prices have seen an abrupt reversal since the country’s central bank began aggressively raising interest rates in March to get the highest inflation in four decades under control.

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