MNI BRIEF: Canadian New Home Prices In Longest Fall Since 2009

Prices for new Canadian homes have entered their longest decline since the aftermath of the Global Financial Crisis in 2009, the federal statistics office said Wednesday.

Statistics Canada's New Housing Price Index declined 0.7% in January from a year ago, the 10th consecutive drop. The Bank of Canada's 10 interest-rate hikes have strained builders seeking to finance new projects and borrowers who also must pass a "stress test" showing they can afford above-market rates. (MNI INTERVIEW: BOC Stays Restrictive Through 2024- Ex Adviser)