Canadian home prices fell for an eighth consecutive month in October and are down 10% from a peak reached in February of this year.
The average price for a home in Canada declined 1.2% to $756,200 in October, the smallest monthly drop since May of this year, according to the Canadian Real Estate Association (CREA).
Home prices nationwide have now fallen 10% from their February peak and are flat compared with 2021.
The decline in prices comes as rising interest rates make it more difficult for many consumers to afford a home. An increase in mortgage rates has forced many people out of the market and led to the decline in home prices.
However, despite the continued fall in home prices, the number of newly listed properties rose 2.2% in October compared with September of this year.
The total amount of housing inventory in Canada during October amounted to a 3.8-month supply, below the long-term average but above a record low seen this past spring.
