According to Statistics Canada, new housing prices were down 0.1 percent at the national level for the second consecutive month in June. Prices have been flat or falling since last August.
Calgary (-1.0 percent) reported the largest price decrease in June, with builders tying the decrease to deteriorating market conditions.
The prices of new homes were up in Gatineau (+1.0 percent) and Ottawa (+0.6 percent) in June, with the rise primarily attributable to higher construction costs in both census metropolitan areas (CMAs). Weather-related disasters in a context of a skilled labor shortage may have contributed to this increase.
New home prices in Hamilton were up 0.7 percent in June, the largest monthly increase in this CMA since July 2017. The increase occurred against the backdrop of favorable market conditions and more affordable housing prices in Hamilton relative to Toronto.
New house prices at the national level were down 0.2 percent year over year in June, the first decrease since January.
In June, 11 CMAs reported year-over-year declines, led by Regina (-2.6 percent) and Calgary (-2.4 percent). This was the largest year-over-year decline in Calgary since December 2009.
Ottawa (+4.7 percent) posted the largest gain among the 14 CMAs reporting year-over-year increases in June, with improving market conditions and higher construction costs contributing to the rise.