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Sept 9, 2010

The numbers aren’t staggering but Canada’s new home prices and housing starts have taken a little dip.

According to Stats Canada, new home prices declined in July for the first time in more than a year. The drop was small though, just 0.1 per cent. The top contributors to the decrease were Vancouver, London and Greater Sudbury and Thunder Bay, On.

In a separate report released yesterday, building permits fell three percent to an annual rate of 183,300 units in August, down from a revised rate of 188,900 units in July, according to Canada Mortgage and Housing Corp.

It seems unlikely though that the above stats signal real trouble for Canada’s housing market – they are more likely just symptoms of a cooling market.

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