RTTNews - Canadian new home prices fell again in April, extending a downward trend that has driven prices from record highs visited last fall.
The New Housing Price Index decreased 0.6 percent in April, compared with a 0.5 percent decline in March, according to data released Wednesday by Statistics Canada. This resulted in a New Housing Price Index decreasing to 153.7.
Economists expected a drop of 0.4 percent from the previous month.
The New Housing Price Index has declined 3.2% since reaching a record high of 158.7 in September 2008.
Between March and April, prices declined 1.2 percent in Vancouver, 0.9 percent in Edmonton and 0.8 percent in Calgary. Stats Canada noted that in Vancouver most builders are still reducing prices to encourage sales.
In Alberta, although some builders reported increased material costs as a result of new fire code regulations, these increases were negated by builders lowering prices or offering free upgrades in an increasingly competitive market.
Prices also declined in Hamilton and Kitchener, and in the greater Toronto area.
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