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 May 13, 2008 Canadian new prices slow in March Prices for new homes in Canada edged up just 0.2% in March, Statistics Canada said yesterday, as a weakening Alberta market tempered strong growth in other parts of Western Canada. The lower pace was widely expected after only a 0.3% rise in prices in February. On a year-over-year basis, prices rose by 6.1% in March from the same month in 2007. That's down from a 6.2% increase in February from a year earlier. "This deceleration continues a downward trend that started in September, 2006, due mainly to the softening market in Alberta," the federal agency said. "Edmonton and Calgary continued to experience slow market conditions. Builders in both cities reported lowering their prices to generate interest and stimulate sales." Meanwhile, house prices were higher in Saskatoon, Regina and Winnipeg "as a result of increased material and labour costs, as well as a strong market and high demand for new housing," the agency said. On the West Coast, house prices in Vancouver rose 6.1% in March from a year earlier, while prices in Victoria were up 1.2%, down from 1.6% year-on-year in February. On the other side of the country, "a strengthening economy, coupled with increased material and labour costs, contributed to record increases in Nova Scotia," StatsCan said. Halifax had prices rise 12.8% year-on-year in March, up from an increase of 11.4% in February. (Source: Financial Post) Go Back To The Market Updates Page Questions? No problem! For more information, please feel free to contact June Conway toll free at +1.888.657.7123. Of course, you could always just email June Here . |
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