New home prices continue to cool

New home prices continue to cool

Prices for new homes continue to cool, according to the latest data from Statistics Canada.

Prices in Canada rose 0.2 per cent in April after a 0.3 per cent gain in March, said Statistics Canada in releasing its New Housing Price Index, providing further evidence that the country’s housing market overall continues to moderate.

Compared with a year earlier, prices advanced 2.5 per cent compared with a 2.6 per cent year-on-year increase in March.

Price increases in the Toronto and Oshawa region and in Edmonton explained most of the monthly rise in the new housing price index, Statscan said. Toronto-Oshawa prices climbed 0.3 per cent for a 5.9 per cent annual jump. Regina (5. 6 per cent) and Winnipeg (4.3 per cent) also saw significant year-over-year increases.

Among the 21 metropolitan regions survey, three posted 12-month prices declines in April, with Victoria (-2.3 per cent) posting the largest decrease.