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Led by cooling markets in Alberta and British Columbia, national prices on new homes declined month over month in October for the first time in over a decade, Statistics Canada said Thursday. & t& K! C. O& D- {2 U% X
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8 Q% ^4 U& b9 m' A( u' kThe average cost of a home in Canada fell 0.4% between September and October, the federal agency said. It was the first monthly decrease nationally since September, 1998. 8 _$ Z s) x/ z0 b7 v7 {- D& W5 x
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New home prices in Edmonton and Calgary continued to come off peaking demand last year in October. % d: z. q% V2 A( B% F4 p
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+ I9 S0 }& f- }" s) `Prices have fallen 7.7% year-over-year in Edmonton, marking the city's largest annual decline in more than 23 years. Calgary prices are down 1.6% from a year ago in the biggest retreat since November 1991, StatsCan said.
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" j. D& G; t4 c& E P- eMonth to month, prices in Edmonton and Calgary fell by 1.7% and 0.6%, respectively.
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5 z6 S) Z4 P: ZVancouver, where home prices have risen the fastest in recent years, saw a monthly drop of 1.1% in October as demand cooled rapidly. Year over year, prices were down 0.4%. ) C* ?: M- @9 c3 @5 z
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In Victoria, contractors' selling prices decreased 1.1% year-over-year StatsCan said, down from an annual increase of 0.2% in September.
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- E8 a! @# ~ m( G# ?Upward price pressure remained torrid in some markets as new home prices in Regina grew again in October, rising to 22.8% more expensive than a year ago. In contrast, Saskatoon prices were a modest 3.6% higher than a year ago while prices tumbled 1.6% from September to October as "builders continued report difficult market condition."
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2 g, F- S* a6 @2 _8 `2 ]; SCompared with last October, contractors' selling prices in Ottawa were 4.3% higher, while new homes in Toronto were 3% more expensive, StatsCan said.
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