Canada’s new home prices with no change in March

Prices of new homes in Canada have remained unchanged in March over February, after rising 0.1% in the previous month, the latest data by Statistics Canada showed.

In comparison, market consensus had pointed to a 0.1% monthly increase.

Home prices remained flat in 12 out of the 27 census metropolitan areas surveyed, increased in 9 areas and decreased in 6.

Last month, the biggest price declines were observed in Ottawa, by 0.9%, London, by 0.3%, and in Kitchener–Cambridge–Waterloo, by 0.3%.

Conversely, the biggest price surges were observed in Saint John, Fredericton and Moncton, by 0.7%, and in Victoria and Calgary, by 0.5%.

In annual terms, prices of new homes in Canada went down 0.4% in March, which has been the 12th consecutive month of decline due to multi-year high interest rates.

The Canadian Dollar was little changed on the day against its US counterpart, with the USD/CAD currency pair last trading at 1.3748.