Canadians See Housing Prices Plummet at Historic Rate

A housing bubble that has been causing pain for Canadian homeowners and buyers alike may have started to pop as housing prices plummeted at a historic rate in August.

Housing prices fell 2.4% in August as compared to July, the largest monthly decline since the data was first tracked in 1999, according to management firm Teranet and the National Bank of Canada, who compute the index jointly. As of July, prices had risen almost 42% faster than wages since 2015, making housing less affordable to purchase, while spiking interest rates made houses more expensive to own, financial advice company The Motley Fool reported in July.

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Pennsylvania Faces High Housing Prices Unless ‘Record-Level Building’ Happens

Pennsylvania’s struggle to build more housing, be it affordable or market-rate, will continue unless dramatic change happens within city, county, and state governments.

Such was the takeaway from a House Urban Affairs Committee hearing focused on northeastern Pennsylvania on Wednesday.

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Mortgage Applications Plummet as Housing Prices Surged to Record High

Mortgage applications plummeted to their lowest level in three years as rates continued to edge higher, hitting home buyers and refinancers.

Mortgage applications decreased 13.1% in the week ending Feb. 18, the lowest level since December 2019, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey. The survey, which measures mortgage loan application volume, found refinancing activity decreased 15% on a weekly basis and was 56% lower than the same period one year prior.

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