Province
OTTAWA — Led by cooling markets in Alberta and British Columbia, national prices for new homes declined month-over-month in October for the first time in more than a decade, Statistics Canada said yesterday.
The average cost of a new home in Canada fell 0.4 per cent between September and October, the federal agency said. It was the first monthly decrease nationally since September 1998.
Statistics Canada does not include prices in its monthly newhome index. However, the Canadian Real Estate Association provides comparative resale prices across Canada.
In October, the national average resale price was $281,133, according to CREA. The average price in Alberta was $342,199, while in B.C. it was $420,259 in October.
Homes in Edmonton and Calgary continued to come down from peaking demand last year, Statistics Canada said. Prices have fallen 7.7 per cent year over year in Edmonton, marking the largest annual decline in more than 23 years. Calgary new-home prices are down 1.6 per cent from a year ago in the biggest retreat in that city since November 1991, it said.
CREA resale figures show Edmonton prices averaged $317,744 and Calgary $411,450 in October.
Vancouver, where home prices had risen the fastest over the past few years, saw a monthly drop of 1.1 per cent in new-home prices in October as demand cooled rapidly. Year over year, prices were down 0.4 per cent. In Victoria, contractors’ selling prices decreased 1.1 per cent year over year, the agency said, down from an annual increase of 0.2 per cent in September.
CREA’s Vancouver resale average was $556,682, while Victoria came in at $469,243 in October.
Upward price pressure remained torrid in some markets as newhome prices in Regina grew again in October, rising to 22.8 per cent more expensive than a year ago, StatsCan said. In contrast, Saskatoon prices were a modest 3.6 per cent higher than a year ago while prices tumbled 1.6 per cent.