Canadian new home prices unchanged in March

Thursday, 09 May 2019 20:36:51 (GMT+3)   |   San Diego

According to Statistics Canada, new house prices were unchanged at the national level in March for a second consecutive month. In March, builders in 18 of the 27 census metropolitan areas (CMAs) surveyed reported flat or declining prices. New home prices were unchanged in Toronto for the second month in a row.

Builders reported higher construction costs as the primary reason for the increase in new housing prices in Gatineau (+0.4 percent), as well as in Sherbrooke and Trois-Rivières (both up 0.2 percent). The increased construction costs, which include labor costs, coincided with a shortage of skilled workers in Quebec. New housing prices rose the fastest in Gatineau, with the sales to new listings ratio in this CMA reaching 72.3 in March, according to the Canadian Real Estate Association. A ratio above 60 indicates a seller's market.

After four months of declining prices, new home prices in Vancouver edged up 0.1 percent in March, mostly due to improving market conditions as reported by builders.

The largest decrease in March was in Victoria (-0.4 percent). Deteriorating market conditions as well as lower negotiated selling prices were the primary reasons for the fall in prices.

New house prices at the national level edged up 0.1 percent year over year in March. New home prices in the CMAs of Ottawa (+3.7 percent), Windsor (+3.1 percent) and London (+2.9 percent) increased the most among the CMAs surveyed.

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