The Globe and Mail reports in its Friday edition that Canadian home prices slipped further in February, continuing a downturn that began in early 2022, according to resale numbers released this week by the Canadian Real Estate Association. The Globe's Jason Kirby writes that as steep as the drop in the national benchmark price has been, the correction is even deeper when historical home prices are adjusted for inflation. In real, or inflation-adjusted terms, the benchmark national home price has fallen by close to 30 per cent from its peak, bringing home prices back to the inflation-adjusted level of nine years ago. "You have to go back to the bad 1990s cycle to find something similar," said BMO senior economist Robert Kavcic in a note to clients. "And, with inflation poised to pick up in the months ahead, while the market still languishes, we don't expect this downward momentum in real home prices to turn around soon." Ontario home prices have suffered some of the steepest real declines from the 2022 peak, with the typical home in Greater Toronto shedding more than one-third of its value since the peak. Vancouver has also endured a lost decade after accounting for the corrosive effect of inflation on prices.