The price of a detached house in West Vancouver fell 22% in October from a year earlier, draging down the average residential price in Canada down by 10%, the biggest decline in 26 years, according to the Real Estate Board of Greater Vancouver and the Canadian Real Estate Association.The speed and magnitude of the price declines in parts of metropolitan Vancouver and across the country are startling some Canadians, who haven’t seen a recession since 1992, said Ken Peacock, director of economic research at the Business Council of British Columbia. Many homeowners felt Canada, the world’s eighth-largest economy, would escape the U.S. credit crisis.
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