Canadian new home prices rise 0.6 percent in November

Monday, 21 December 2020 19:53:08 (GMT+3)   |   San Diego

According to Statistics Canada, new home buyers saw prices rise 0.6 percent in November at the national level, with prices up in 21 of the 27 census metropolitan areas surveyed.

New single-family house prices have risen 3.7 percent nationally since the beginning of the pandemic in March—despite the sustained weak economic conditions. In July, Statistics Canada reported a shift in buyers' demand towards single-family homes such as singles, semis and row houses, mostly due to more Canadians working from home during the pandemic.

Detached homes have been the preferred choice for 70 percent of new home buyers in 2020, up by one-quarter (+25 percent) since 2015, according to the latest survey by the Canadian Home Builders' Association.

Nationally, new house prices rose 4.6 percent year over year in November – the largest increase in more than a decade (since April 2008).

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