According to Statistics Canada, new home prices edged up 0.1 percent in November, the same increase as in October. Overall, prices were up in 12 surveyed census metropolitan areas (CMAs), down in three and unchanged in the other 12.
New home buyers in Ottawa saw the largest monthly price increase (+0.5 percent), following a 1.0 percent rise in October. Builders tied the November gain to improved market conditions.
With the exception of Guelph (+0.1 percent), prices for new homes were unchanged for the surveyed CMAs in the Greater Golden Horseshoe. Toronto home builders reported no price change in five of the previous six months.
New home prices were unchanged in all three surveyed CMAs in British Columbia, but overall, prices in the province were up 7.6 percent compared with November 2016.
House prices declined in both Regina (-0.4 percent) and Saskatoon (-0.5 percent), reflecting weak market conditions.
New home prices were up 3.4 percent year over year in November. Vancouver (+8.7 percent) and London (+7.1 percent) had the largest 12-month increases among the surveyed CMAs.
Prices for new homes in Toronto were up 4.7 percent year over year, down from the peak 12-month change of 9.9 percent for 2017 in April.
Among the three CMAs reporting price declines, Saskatoon (-1.3 percent) registered the largest year-over-year decrease.