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- Canadian new housing prices at the national level were unchanged for a fourth consecutive month
Canadian new housing prices at the national level were unchanged for a fourth consecutive month
New home builders in 18 of the 27 census metropolitan areas (CMAs) reported flat or decreasing prices in November.
The largest declines were in Regina (-0.6%) and St. John's (-0.4%), with decreases in both CMAs linked to unfavourable market conditions.
Prices in Regina and St. John's have been down or flat for 10 out of 11 months in 2018. According to the Canada Mortgage and Housing Corporation, the inventory of newly completed and unsold single-family dwellings was up in both CMAs in November compared with the same month a year earlier. Single-family dwellings include row, single and semi-detached houses.
New home prices were down in the three CMAs surveyed in British Columbia. Lower selling prices were the primary reason for the 0.3% decrease in Vancouver, while builders in Victoria and Kelowna (both down 0.1%) tied the dip in prices to promotional offers to stimulate sales.
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