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New home prices weaken in Canada1 S0 C Q0 K1 m7 J
Canwest News Service
1 s8 _" c) T# T) V* R! Y) v: v# UPublished: 7:48 am0 T4 w( v i3 s8 g7 M
OTTAWA - 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. Q( ?! [" L$ d) w( s
( ^, k( u* X0 y( d" J& G4 k- kApril'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.
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1 t7 A! K- H9 X) T1 c- z"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.1 G* Q# f( k% n) h1 `. V6 m
, o9 g! C! I9 U+ B6 oIn contrast to strong markets in Saskatchewan and parts of Atlantic Canada, home prices in oil-rich Alberta showed more signs of cooling. # Y6 X, P3 Q5 a+ l; [* {0 }7 f4 s
5 S8 d9 L) H3 m: z( N"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."
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Prices 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.& J. U. t( l" C+ \, W; \
$ z1 W- S4 Q+ T8 Q$ t6 PIn 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.
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( Z" X$ V8 i1 yPrices 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.( w0 |5 s, d8 x4 K( u- B
( j" ?7 W4 L( Z2 q" HIn Newfoundland and Labrador "a strengthening economy, coupled with increased material and labour costs, has contributed to record increases," Statistics Canada said.1 m$ O; a' [ V4 h# p, W: @) D: G o4 N
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Prices in St. John's rose 16.3 per cent in April, up from the year-over-year increase of 12 per cent in March.
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; n( r6 P( q! y$ fNova 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.$ u7 V z& B% s) O3 N
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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.' n& ~, V. k! C
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"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."
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9 S2 C+ @1 p" Z Q4 @- S© Canwest News Service 2008 |
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