Canada

Thursday, April 11, 2019 - 08:30

MNI DATA IMPACT: New House Prices Fall Y/Y In Cdn Large Cities


By Yali N'Diaye

OTTAWA (MNI) - The following are the key points from the February data on the Canadian New Housing Price Index released Thursday by Statistics Canada:

- Canada's new housing prices were flat in February after edging down 0.1% in January, marking the seventh month without any increase. The index recovered 0.1% year-over-year.

- House only prices were flat on the month and down 0.1% year-over-year. The index posted its fifth consecutive decrease on a 12-month basis, which had not happened since November 2008-December 2009, when it fell during 14 consecutive months.

- Land only prices were also flat on the month, for a 12-month gain of 0.3%.

- Weakness in large cities explained much of February's performance. With slowing demand, prices were flat in Toronto and down 0.3% in Vancouver, for 12-month decreases of 1.0% and 0.6%, respectively. The 12-month decline in Vancouver was the largest since February 2015. The metropolitan area has seen the price trend deteriorate since reaching a peak in February 2018, when prices appreciated by 9.1% year-over-year. Prices were flat in February in Calgary (-0.8% y/y) and down 0.1% in Edmonton (-0.4% y/y). Together, the four cities represent about 60% of the index.

--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com

[TOPICS: MACDS$,M$C$$$]

Please log in to read and leave comments