New home prices in Canada edged down by 0.1% month-on-month in January 2024, following a flat reading in December and missing the market estimates of a 0.1% rise. Prices were down or unchanged in 21 of the 27 census metropolitan areas surveyed, led by Ottawa (-0.4%), Vancouver (-0.3%), Montréal (-0.3%) and Calgary (-0.2%). Notably, it was the 13th consecutive period of decrease in Ottawa, mainly due to offered promotions, as builders attempted to generate sales. Conversely, the largest increases were seen in Edmonton (+0.8%) and Trois-Rivières (+0.4%) amid higher construction cost and improved market conditions. On a yearly basis, new home prices dropped for the 10th month in a row by 0.7% in January, affected by elevated interest rates. The steepest declines were recorded in Ottawa (-5%) and Victoria (-3.2%). source: Statistics Canada
New home prices edge down in Canada.
