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- Canada’s new housing prices edge down 0.1 percent in May
Canada’s new housing prices edge down 0.1 percent in May
Statistics
Canada reported on Thursday the New Housing Price Index (NHPI) edged down 0.1
percent m-o-m in May, after remaining unchanged for three straight months.
Economists had
forecast the NHPI to increase 0.1 percent m-o-m in May.
According to
the report, builders in 16 of the 27 census metropolitan areas (CMAs) surveyed
reported flat or lower prices in April. Saskatoon (-0.5 percent m-o-m) and
Victoria (-0.4 percent m-o-m) posted the largest declines due primary to
deteriorating market conditions. At the same time, Charlottetown (+1.0 percent
m-o-m) registered the biggest price increase in May, with the rise attributed
to higher construction costs.
In y-o-y terms,
NHPI was unchanged in May after a 0.1 percent advance in the previous month.
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