Canadian real estate has entered the second leg of its correction. Prices are down 21.6% from the peak, have fallen for seven straight months, and have just hit a 5-year low.

“December alone accounted for nearly 20% of the entire annual decline.

At the same time, sales remain below 2019 levels despite population growth, while new listings are near multi-year highs even in December.

That combination usually means prices haven’t finished adjusting yet.”

h/t Key_Brief_8138

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