![]() ![]() If you have “stuff”, you still need renters insurance. Some of the $40K you tout also gets consumed by rent. Plus, your assumption is that the house is owned outright – which many are not. If you put it in an “at risk” account (aka stocks or munis), it could suffer a worse loss. ![]() Your “$40,000 in interest income” is also reduced by taxes. Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here. Click on the beer and iced-tea mug to find out how: Quebec City Area: The single-family benchmark price fell by 1.6% from the record in the prior month, to $383,300, and was up by 5.4% year-over-year:Įnjoy reading WOLF STREET and want to support it? You can donate. Halifax-Dartmouth: The single-family benchmark price fell by 1.9%, to $534,300: Montreal: The single-family benchmark price was unchanged for the month at $610,800: From peak in March 2022: -11.6% or -$95,700Ĭalgary: The single-family benchmark price edged down by 0.1% from the record in the prior month, to $633,300, and was up by 9.6% year-over-year:.Ottawa: The benchmark price of single-family houses fell by 1.3% in September, to $727,500: Victoria: The single-family benchmark price fell 0.8% in September to $1.169 million: Greater Vancouver: The MLS Home Price Benchmark Price for single-family houses dipped 0.1% in September from August, to $2.018 million: Given the plunge last year at this time that had followed the spike in the spring, the price in September was up 2.7% year-over-year. In the Hamilton-Burlington metro (part of the “Greater Toronto and Hamilton Area” or GTHA), the single-family benchmark price fell by 1.3% in September from August, to $918,000.įrom peak in February 2022, the price has dropped by 20.8%, or by $240,900. These kinds of free-money-spike-and-end-of-free-money plunge would be hilarious, if they weren’t so serious. Due to the plunges last year during this time frame – the base for the year-over-year comparison – and the effects of said wild and woolly rally in the spring, the benchmark price was up 3.7% year-over-year. Greater Toronto Area (GTA): The MLS Home Price Benchmark Index for single-family houses fell by 1.5% in September from August, after having fallen by 1.7% and by 0.8% in the prior two months, to $1.345 million.įrom peak in February 2022, the index has dropped 15.4% or by $245,600. “The recent trend of slowing sales and rising new listings continued in September,” CREA said. Supply rose to 3.7 months, over double the level of the pandemic low. Since the low in March, new listings have surged by 35%. New listings “jumped” by 6.3% month over month, according to CREA. Sales dropped, supply rose. Home sales fell 1.9% in September from August, the third month in a row of declines. ![]() Since the peak in March 2022, the benchmark price has now dropped by 14.2%, or by $135,300, according to data from the Canadian Real Estate Association (CREA) on Friday. The breathtaking price plunge last year forms the base for this year’s year-over-year comparison and after the wild and woolly sucker rally this spring, the benchmark price is up 1.6% year-over-year. But the Bank of Canada instead went on to hike rates further to 5.0%, and at the last meeting added a further tightening bias, while inflation has begun to resurge across the board, topped off with Canada’s worst rent inflation since 1983. The three months in a row of declines came after a wild and woolly sucker rally in the spring, fueled by the spring buying season and fake hopes about rate cuts. The Canada Home Price Benchmark Index for single family houses in fell for the third month in a row, in September by 1.3% from August, after having dropped by 1.1% and by 0.5% in the prior two months, to $815,300 (all prices in Canadian dollars). The Home Price Benchmark Index is down 14% from peak in March 2022, Toronto down 15%, after wild and woolly sucker rally over the spring.
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