According to Statistics Canada, new house prices edged up 0.1 percent at the national level in May following no change in April.
As builders entered the second full month of modified operations since the outbreak, they continued to adapt to new challenges that come with operating virtually. For some builders, these adaptations may be offered permanently, as part of their regular services moving forward.
Although some COVID-19 restrictions eased for the construction industry, the strict safety protocols put in place continued to slow the pace of new home building, resulting in project delays and indefinite closing dates for buyers. At the same time, home buyers faced with employment uncertainty and the challenges of stay-at-home-routines had to reassess their purchasing decisions.
The continuing challenges from both the builder and buyer still adjusting to this new reality coincided with new home prices showing little or no change in 21 out of the 27 census metropolitan areas (CMAs) surveyed in May.
At the national level, new house prices rose 1.1 percent year over year in May, following a 0.9 percent rise in April.