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Real estate transactions: Home prices continue to drop in Canada

Property prices are continuing to decline. In fact, they're dropping so much in Canada that February's real estate transactions set a record for the heftiest decline in years in a non-recessionary time. The price index used by the National Bank of Canada indicated that prices fell by 0.4 per cent in February over the same time in 2018.

Analysts say it isn't the greatest start to the year, especially since these numbers are the lowest since this particular index has been utilized (apart from a listing in 2009). Most of the volatility is centred around larger urban centres in Canada's most populated provinces, but the fallout is being felt in all areas of the country. The Teranet House Price Index (Teranet HPI) used by the Bank of Canada, gets its information from land registry data on sales that have closed. 

Prices in Toronto made the biggest drop, while Vancouver wasn't far behind with a more than 1 per cent drop from last February. On the other hand, prices in Montreal aren't on trend since prices there are at an all-time high -- more than 5 per cent higher than the same time in 2018. That city is the only one in Canada to have that distinction at this time.

Real estate transactions are affected by the general state of the economy. Whenever individuals are thinking about getting into the business either as sellers or purchasers, getting the advice of an experienced real estate lawyer is a wise move before a move. A lawyer understands the real estate landscape and can advise his or her client regarding the legalities of the industry and ensure his or her client is being treated fairly in any contractual obligations. 

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