New housing prices in Canada remain unchanged in December

Thursday, 14 February 2019 21:17:54 (GMT+3)   |   San Diego

According to Statistics Canada, new housing prices in Canada were unchanged at the national level for the fifth consecutive month in December.

New home builders in 17 of the 27 census metropolitan areas (CMAs) surveyed reported flat or lower prices in December. Prices at the national level were largely unchanged throughout 2018.

The largest price decline in December was in Regina (-0.4 percent), with the decrease tied to lower negotiated selling prices and promotions to stimulate sales.

New home prices in Toronto and Vancouver each declined by 0.1 percent in December, with decreases in both CMAs linked to unfavorable market conditions.

Ottawa and Sherbrooke reported the largest price increases in December, both up 0.4 percent. Market conditions were the primary reason for the gain in Ottawa, while higher construction costs contributed to the rise in Sherbrooke.

Nationally, new house prices were unchanged year over year in December, compared with a 3.3 percent annual increase in December 2017.

Among the 11 CMAs reporting 12-month decreases in December, Regina recorded the largest decline (-3.0 percent). New home prices have been falling in Regina since February 2018.

According to the Association of Regina Realtors, the total number of home sales in Regina was down 7 percent over the previous year, to its lowest level since 2005.

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