New home prices edge higher

The price of new homes saw a monthly increase of 0.2 per cent and a year-over-year rise of 1.6 per cent in November 2015 according to the latest data from Statistics Canada.

The rise followed a 0.3 per cent increase in October and was driven by increased prices in Toronto and Oshawa. The highest monthly gain was in Vancouver, up 0.5 per cent. In both areas it was market conditions that resulted in the higher prices.

Other highlights of the stats include a gain for Montreal of 0.4 per cent, the largest for the city since 2012 with the cost of material pushing up prices. St. John's, Charlottetown, St. Catharines–Niagara and the combined region of Saint John, Fredericton and Moncton all recorded price increases of 0.2 per cent.

There were declining new home prices for Halifax (down 0.4 per cent) and Saskatoon (down 0.3 per cent.) The drop in Halifax was attributed to lower negotiated selling prices and was the biggest decline for the city in 15 years. In Saskatoon discounted prices were the driver.

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