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New home prices weaken in Canada) v# W8 h8 h- |, w3 m# f& J" [
Canwest News Service, Q* I# N8 p0 K1 R9 w: [8 r! B
Published: 7:48 am
+ F6 s6 L$ o* P. _$ ^8 i" i3 XOTTAWA - 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.' ~3 l6 g" ~* R! r4 Q- \( I- p
9 {! X T. _ H* aApril'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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: j1 Q/ p$ g/ v- T"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.
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# v/ C! T- ?; PIn 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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% o+ ?; x2 `6 s+ J; E"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."! p$ x7 S# r) @
% g! C& b) A5 y8 xPrices 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.
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In Edmonton, the year-on-year rate slowed to 8.1 per cent - the ninth straight month of decelerated growth. 0 v; R: W: l* x; J- W5 w, ]
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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.3 O2 z, T: c; C0 K
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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.1 }2 G& x. ]1 N# b1 F" ^( q# n
4 M9 h H- i" ^3 Z$ K, mIn 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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5 [9 M8 W2 T% h* T- \3 b( pPrices in St. John's rose 16.3 per cent in April, up from the year-over-year increase of 12 per cent in March.
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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.
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( P: e* }- W6 h4 U; \"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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7 @ l' u+ s) W) y"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."* `7 o+ H" i7 w) D$ T" J
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- ]( I) G1 G+ R9 I+ ]# d0 @© Canwest News Service 2008 |
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