New house prices dip in November
The national index declined 0.2% in November. Prices were down or unchanged in 25 of the 27 census metropolitan areas (CMAs) surveyed.
In November, new home prices decreased the most month over month in Sherbrooke (-1.2%), St. John's and Hamilton (each down 1.0%), with builders reporting weak market conditions as the reason for the declines.
Many builders in the 15 CMAs where new home prices declined in November were offering different types of incentives (for example, design credits, rebates) to encourage sales.
Trois-Rivières (+0.5%) and St. Catharines–Niagara (+0.3%) were the two CMAs where prices grew in November, with builders reporting construction costs as the reason for the increases.
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