Statistics Canada (StatCan) reported on Tuesday (10-24-23) that the national index for new home prices in Canada declined 0.2% month-over-month in September. Of the 27 census metropolitan areas (CMAs) surveyed, 15 were unchanged, 3 were up, and 9 were down.
Year-over-year, Canadian new home prices declined 1.0% in September, despite the Bank of Canada holding the policy interest rate unchanged during the month. However, the rate remained high when compared to September 2022.
High interest rates continue to put downward pressure on the new housing market, with the Canada Mortgage and Housing Corporation (CMHC) reporting 46.4% more single-family homes (single detached, semi-detached, and row) completed but unsold (unabsorbed inventory) nationally in September, compared with September 2022.
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