Canadian new home prices rise 0.7 percent in August

Tuesday, 21 September 2021 19:58:58 (GMT+3)   |   San Diego

According to Statistics Canada, nationally, prices for new homes in Canada rose 0.7 percent in August, continuing the upward trend that began in May 2020. New home prices rose in 13 of the 27 census metropolitan areas (CMAs) surveyed.

London (+3.9 percent) reported the largest monthly change in new home prices in August. Residential activity indicators from the London St. Thomas Association of Realtors have been showing signs of supply shortages in the housing market since 2017. This was further exacerbated by the pandemic, which increased demand and put upward pressure on new housing prices. Active listings in London have been low since 2017, and the number of months of inventory has been consistently decreasing since July 2020.

New home prices also increased in Ottawa (+2.9 percent) and for the aggregate of Saint John, Fredericton and Moncton (+1.7 percent).

Edmonton (-0.5 percent) and Saskatoon (-0.1 percent) reported lower prices in August, while prices were unchanged in the other 12 CMAs included in the survey.

While the rate of monthly increase has been slowing in recent months, nationally, new home prices rose 12.2 percent year over year in August.

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