New house prices down slightly after 3 months unchanged

New house prices in Canada slipped 0.1% in May, following three months unchanged.

Data from Statistics Canada shows that the largest declines were in Saskatoon (-0.5%) and Victoria (-0.4%) amid worsening market conditions with unemployment rising in both CMAs.

There were also declines of 0.3% for new house prices in Edmonton, Kelowna, Toronto, and Vancouver.

Prices in Charlottetown saw the largest increase in the month, up 1% from April.

Over 12 months, new house prices nationally were unchanged in May.

The report acknowledges the larger down payment now required by potential buyers of new homes due to the combination of factors including higher home prices, rising mortgage rates, and the stress test for new mortgages.

The largest annual decline in new home prices was in Regina (-2.7%) followed by Saskatoon and Victoria which both slipped 1.4%.

There were also decreases for Toronto (-0.6%) and Vancouver (-0.9%) while Ottawa posted the largest increase (4.7%) followed by London (3%) and Montreal (2.7%).

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?