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- Canada’s new housing prices edge down 0.1 percent in July
Canada’s new housing prices edge down 0.1 percent in July
Statistics
Canada reported on Thursday the New Housing Price Index (NHPI) edged down 0.1
percent m-o-m for the third straight month in July.
Economists had
forecast the NHPI to remain unchanged m-o-m in July.
According to
the report, Edmonton (-0.8 percent m-o-m) registered the largest price drop in
July, with builders offering promotions and cash rebates to stimulate sales. In
addition, the prices of new homes fell in Toronto (-0.6 percent m-o-m) and
Vancouver (-0.5 percent m-o-m), due to unfavorable market conditions and lower
negotiated selling prices. At the same time, prices of new homes continued to grow
in Montreal (+1.6 percent m-o-m) and Ottawa (+0.9 percent m-o-m) because of a combination
of factors including, higher construction costs and increased demand coupled
with low supply in the housing market.
In y-o-y terms,
NHPI was fell 0.4 in July after dropping 0.2 percent in the previous month.
That marked the largest decrease in almost a decade.
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