Statistics Canada reported on Monday the New Housing Price Index (NHPI) slipped 0.2 per cent m-o-m in November,
following a flat m-o-m performance in the previous month.
Economists had predicted the NHPI to edge down 0.1 per cent m-o-m in November.
According to the report, 15 out of the 27 census metropolitan areas
(CMAs) surveyed showed decreases in new home prices last month, while 10 CMAs demonstrated
flat m-o-m performance, and the remaining 2 revealed gains.
Sherbrooke (-1.2 per cent m-o-m), Hamilton (-1.0 per cent m-o-m), and St.
John's (-1.0 per cent m-o-m) posted the largest declines in new home prices
last month, with builders citing weak market conditions as the reason for the
declines. Meanwhile, Trois-Rivières (+0.5 per cent m-o-m) and St. Catharines-Niagara
(+0.3 per cent m-o-m) recorded increases in new home prices in November, with
builders reporting construction costs as the reason for the increases.
In y-o-y terms, the NHPI fell 0.9 per cent in November,
following a 0.8 per cent drop in the previous month. This marked the 8th
straight annual decline in the NHPI.