Prices for newly-built homes were flat nationwide in November, for the fourth consecutive month.
Annual gains were unchanged too, the first time a year-over-year figure has not gained on a nationwide basis since January 2010.
Statistics Canada reported that builders in 18 of the 27 CMAs reported flat or decreasing prices in November with Regina (-0.6%) and St. John's (-0.4%) posting the largest decreases due to “unfavourable market conditions”. Both markets have increased inventories of unsold single-family homes and have shown decreasing prices in 10 of 11 months in 2018.
Three British Columbia CMAs posted lower prices with lower selling prices the primary reason for a 0.3% decrease in Vancouver, while builders in Victoria and Kelowna saw prices dip 0.1% due to promotional offers to stimulate sales.
The largest price increases in November were in Ottawa (+0.6%) and Montréal (+0.4%), with construction costs listed as the primary reason for the gain in both CMAs.
On a 12-month basis, Ottawa (+4.9%) and London (+3.6%) registered the largest 12-month gains among the surveyed CMAs for the sixth consecutive month.
Eight CMAs reported 12-month decreases in November, led by Regina (-2.6%). Toronto saw prices drop 1.3% year over year in November, continuing the trend started in April 2018.
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