TORONTO — House prices continue to plummet in the United States, but the consensus in Canada remains that the impact of the downturn will not be as severe here.
Home prices in 20 major U.S. cities are now falling faster than at any point on record, hit hard by increasing foreclosures and slumping sales. The S&P/Case-Shiller index declined 18 per cent in October from a year earlier after dropping 17.4 per cent in September. The gauge has fallen every month since January 2007.
House prices have been falling fast in Canada as well. The Canadian Real Estate Association, which represents 100 real estate boards across the country, said this month that average price of a Canadian home sold in November was down 9.8 per cent from a year ago.
