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New home prices weaken in Canada
+ o: b, _! g7 A- i" _Canwest News Service" b& _, V) I5 _
Published: 7:48 am
3 U! Y" q6 S* @& @4 Y7 MOTTAWA - Prices for new homes in Canada rose by 5.2 per cent in April from a year earlier, the slowest pace in more than two and a half years as a weakening Alberta market continued to pull down the national average, Statistics Canada said Wednesday.* e" a" |/ q0 c1 c& L% M
2 P9 K' n& `) J, V" m hApril's rate was down from a 6.1 per cent year-on-year increase in March, the federal agency said. On a monthly basis, prices were unchanged in April from March./ Q' r; Y2 f4 E, k- u9 J: H( @6 d$ [+ S
3 X U* a$ d+ t"This was the third consecutive month in which the increase has decelerated, and the slowest rate of growth since September 2005, when year-over-year prices rose by 4.9 per cent," it said.4 {7 M6 A. X. L3 u
+ y1 n, L1 a; TIn contrast to strong markets in Saskatchewan and parts of Atlantic Canada, home prices in oil-rich Alberta showed more signs of cooling. , o6 m0 K& h! k% I
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"Edmonton and Calgary continued to experience slow market conditions," Statistics Canada said. "Competition among builders has resulted in lower prices being offered to prospective homebuyers."9 b6 O" w* M$ C8 P" o
. I. N" X$ p/ B" l! PPrices in Calgary edged up 2.5 per cent in April from a year earlier, compared to a 5.3 per cent year-over-year increase in March.7 B6 |1 D: g' w% p' Q, m+ F
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In Edmonton, the year-on-year rate slowed to 8.1 per cent - the ninth straight month of decelerated growth.
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Meanwhile, the Saskatchewan housing market continued to heat up in April. Prices in Saskatoon led the country for the 12th straight month, jumping 43.7 per cent from a year earlier - but down slightly from a 46.2 per cent year-on-year gain in March.& i2 P J( s: H. H: a
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Prices in Regina were up 34 per cent in April from the same time in 2007, compared to a 27.8 per year-on-year increase in March.
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5 J2 G5 o9 u$ e: q `2 zIn Newfoundland and Labrador "a strengthening economy, coupled with increased material and labour costs, has contributed to record increases," Statistics Canada said." \0 k) C) y' f+ P
. ~4 K, }: H. A5 l# KPrices in St. John's rose 16.3 per cent in April, up from the year-over-year increase of 12 per cent in March.- j; f9 M$ m* R g
2 x5 Y0 k' i" b' zNova Scotia also saw strong gains, with prices in Halifax increasing 11.3 per cent from a year earlier, although that was down slightly from a record year-on-year gain 12.8 per cent in March.
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"The report adds to the growing body of evidence that indicates that the Canadian housing sector may be coming off the boil," said Millan Mulraine, economics strategist at TD Securities.0 }5 K8 u! d9 p) e) h6 a( K
; j- Y8 y3 X( z4 |( ?) z"Similar behaviour has also been observed in the price of existing homes. However, it is important to note that the Canadian housing sector remains in reasonable shape and a U.S.-style correction in home prices remains highly unlikely."1 w5 i! ?$ R+ K
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+ O+ {% C' Y" G+ N© Canwest News Service 2008 |
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