New Home Prices Slip in Canada

Canada’s new-house price index fell 0.2 percent in June after rising 0.2 percent in May. Year-over-year, prices also dropped 0.2 percent. The print was released just prior to the rate cut announcement from the Bank of Canada. The data is released from Statistics Canada and covers single-dwelling, semi-detached and row houses, but does not incorporate prices for newly built condominium units. 

Unsold completed single-family home inventory increased in Victoria and Vancouver, British Columbia, and the St. Catharines-Niagara region in Ontario. These three areas also saw the largest month-over-month price declines. Prices were down in 10 of the 27 metropolitan areas surveyed by the agency and unchanged in 12 areas. Provinces that saw an increase included the relatively affordable St. John’s, Calgary and Saskatoon. 

Compared to last year, the largest year-over-year declines were seen in Ottawa and Kitchener–Cambridge–Waterloo, while the largest increases were in Calgary and Trois-Rivières.

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