Posthaste: You need to earn thousands more to own a home in these Canadian cities, despite falling prices

January proved a chilly month for Canada’s housing market with sales falling to the lowest for that month in 14 years.

Prices continued to fall as well. The MLS Home Price Index slipped 1.9 per cent from the month before, slightly more than the 1.6 per cent average decline in the prior five months, said RBC assistant chief economist Robert Hogue.

The index is now down 15 per cent from the market peak last February.  Though data point to a nearby bottom for sales, “so far there are few indications the price correction has run its course,” said Hogue in a recent report.