Fall in housing prices spreading in Canada
Experts have said that the fall in housing prices have started to spread across the country especially from Vancouver to Toronto and some other areas.
Many believe that the fall in housing prices was long due and is healthy for the markets and gradual decline will occur in the coming months. Finance Minister Jim Flaherty had taken steps to cool the country's housing markets earlier this summer.
Canadian housing prices declined in October compared to September. The Teranet-National Bank National composite house price index was down 0.2 per cent from September but was 3.4 per cent higher the same month of the previous year.
The housing market has been rising in the previous year as well in the first six months of the year. The housing market has begun to fall after the government tightened rules on mortgage lending in July in an attempt to cool the market and prevent home owners from taking too much debt.
The figures also showed that there were differences on the basis of the location. The market has shown signs of cooling in Toronto and Vancouver. On the other hand, the markets in resource-rich western provinces of Saskatchewan and Alberta have been gaining.