MNI DATA IMPACT: New House Prices Fall Y/Y In Cdn Large Cities>

By Yali N'Diaye

     OTTAWA (MNI) - The following are the key points from the February 

data on the Canadian New Housing Price Index released Thursday by 

Statistics Canada: 

     - Canada's new housing prices were flat in February after edging 

down 0.1% in January, marking the seventh month without any increase. 

The index recovered 0.1% year-over-year. 

     - House only prices were flat on the month and down 0.1% 

year-over-year. The index posted its fifth consecutive decrease on a 

12-month basis, which had not happened since November 2008-December 

2009, when it fell during 14 consecutive months. 

     - Land only prices were also flat on the month, for a 12-month gain 

of 0.3%. 

     - Weakness in large cities explained much of February's 

performance. With slowing demand, prices were flat in Toronto and down 

0.3% in Vancouver, for 12-month decreases of 1.0% and 0.6%, 

respectively. The 12-month decline in Vancouver was the largest since 

February 2015. The metropolitan area has seen the price trend 

deteriorate since reaching a peak in February 2018, when prices 

appreciated by 9.1% year-over-year. Prices were flat in February in 

Calgary (-0.8% y/y) and down 0.1% in Edmonton (-0.4% y/y). Together, the 

four cities represent about 60% of the index. 

     --MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com 

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