(Source: Financial Post)
New home prices in Canada fell for the ninth straight month in June despite predictions the slide would finally come to an end, Statistics Canada said Wednesday.
Prices declined by 0.2% in June, after a 0.1% decline in May, with the decline again the result of falling values in Western Canada.
Economists had forecast prices would remain flat for the month.
“On balance, when combined with the disappointing housing starts report released yesterday, this report provided further confirmation on the dichotomy between the new and existing homes markets in Canada,” said TD Securities economics strategist Millan Mulraine, referring to the fall in July housing starts reported Tuesday by Canada Mortgage and Housing Corporation.
“Indeed, while there is evidence that the existing home market may have stabilized, and is beginning to benefit from increased activity, the same cannot be said for the new home market.”
Read the full article “New home prices continue slide” in the Financial Post (August 12, 2009).