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House for sale in Bridgetown, Nova Scotia
House for sale in Bridgetown, Nova Scotia
(PAUL DARROW For The Globe and Mail)

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Why gravity-defying home prices refuse to heed the market

What’s up with Canadian housing prices? Perhaps the better way to phrase that is, Why are Canadian housing prices up? On Tuesday, economists were trying to make sense of the fact that sales of existing homes fell sharply, by 17.4 per cent in December from a year earlier, while home prices actually rose by 1.6 per cent, according to data from the Canadian Real Estate Association.