Southern Ontario slows nationwide gains for new home prices

Southern Ontario slows nationwide gains for new home prices

Southern Ontario slows nationwide gains for new home prices New home prices were up just 0.2% in June following increases of 0.7% in May and 0.8% in April, Statistics Canada reported Thursday.

The nationwide gain was moderated by southern Ontario which paused after recent gains, while Ottawa-Gatineau was one of the drivers of nationwide prices (0.9%) along with Vancouver (1.5%) with builders citing improved market conditions.

There was no change in new home prices in Toronto in June, along with other neighbouring cities, except St. Catharines-Niagara and Kitchener-Cambridge-Waterloo which both saw gains of 0.1%.

The slowdown in southern Ontario follows the introduction of the Fair Housing Plan in April which includes the 15% non-resident speculation tax.

Overall, prices were up in 8 CMAs, down in 5 and unchanged in 14.

On a 12-month basis, national new home prices were up 3.9%, led by an 8.5% rise in Toronto and gains for Kitchener–Cambridge–Waterloo (+6.5%), London (+6.4%), Vancouver (+6.2%) and St. Catharines–Niagara (+6.0%).

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