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 Jun 12, 2008 New home price surges cooling Prices for new homes increased just 5.2 per cent in April from a year earlier, marking the slowest pace in more than 2½ years, according to Statistics Canada. It was the third month in a row for a deceleration, despite surges in Saskatchewan, Nova Scotia, and Newfoundland and Labrador. On a month-to-month basis, national prices were unchanged between March and April, less than economists' expectations of a 0.2 per cent rise. "The report adds to the growing body of evidence that indicates that the Canadian housing sector may be coming off the boil," said Millan Mulraine, economics strategist at TD Securities Inc. The hottest housing market in Canada was Saskatoon, for the 12th successive month. Prices for new homes have risen 43.7 per cent from a year ago, as the soaring global commodities market buoys economic activity in Saskatchewan. Still, the price hikes were slightly slower in April compared to March's 46.2 per cent pace. Regina's housing prices rose 34 per cent year over year, faster than the 27.8 per cent seen in March. Edmonton, however, saw another cooling off. April prices were 8.1 per cent higher than a year ago, the ninth month in a row for a deceleration. Similarly, Calgary prices rose 2.5 per cent year over year, down from 5.3 per cent in March. "Edmonton and Calgary continued to experience slow market conditions. Competition among builders has resulted in lower prices being offered to prospective home buyers," Statscan said. In Newfoundland, a strengthening economy and rising costs meant record increases in prices there, with St. John's homes jumping 16.3 per cent from a year ago. Ontario and Quebec saw increases slightly below the national average. In Windsor, Ont., which relies on the automotive industry, housing prices fell 0.2 per cent from a year ago, continuing the downward trend started 19 months ago. (prepared by Heather Schoffield) 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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