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New home prices weaken in Canada& t3 z7 r9 b; Y. \* ?! H! R1 u
Canwest News Service: E8 ]# T2 d6 k0 z4 o* o- W( W2 S1 U, M
Published: 7:48 am- U$ u4 i2 g: C* g" |# Z& S8 K+ K; 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.. i+ f4 B' Z; j& U9 s( H
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April'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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"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.% q8 k' L5 O$ V4 c; u& K+ Q3 ]
4 q: ^9 N$ e( d- k3 {In contrast to strong markets in Saskatchewan and parts of Atlantic Canada, home prices in oil-rich Alberta showed more signs of cooling.
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! l* e' R2 U Q8 U* N4 j6 ["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.0 ` `$ F: M# s) x" |
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In Edmonton, the year-on-year rate slowed to 8.1 per cent - the ninth straight month of decelerated growth.
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/ A1 g" T: A7 b! I( _ V, ]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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Prices 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.
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/ x4 }/ E) ]% C# dIn Newfoundland and Labrador "a strengthening economy, coupled with increased material and labour costs, has contributed to record increases," Statistics Canada said.
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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.2 |, ~% ^( U: V; p; W; `; H- O* P
+ ?' T- p1 ~% [/ @. ?Nova 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.; u* D( j' r7 P" z6 I0 F0 V
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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.
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6 v2 T* R( ]1 v& i"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."8 [0 }8 m! g+ R2 Q8 [8 z- x- x, Y; @
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3 `! |" d9 I1 E, ]© Canwest News Service 2008 |
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