© Showwei Chu/CBC The average price of a Canadian home has declined by about $170,000 since February, when the Bank of Canada started hiking interest rates. That was before the Bank of Canada began its aggressive campaign of hiking interest rates to rein in inflation. The central bank has raised its benchmark rate a half dozen times since then, and the impact on the housing market has been dramatic. "October provided another month's worth of data suggesting the slowdown in Canadian housing markets is winding up," CREA's economist Shaun Cathcart said. "Tumbleweeds continued to blow across the Canadian housing market in October," he said.

Source: CBC News November 15, 2022 21:32 UTC