New Home Prices Dipped In September Amid Weak Market

📆 24/10/2023 01:38 p. m.
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Zoe Demarco is a Staff Writer at STOREYS and was formerly the Urbanized Editor at Daily Hive. Born and raised in Toronto, she has a passion for the city's ever-changing urban landscape.

Poor market conditions and reduced construction costs in Montreal, Edmonton, and Kelowna resulted in a monthly decline in the New Housing Price Index.New home prices dipped across Canada in September, as weak market conditions, falling construction costs, and high interest rates weighed on homebuilding.

Only three CMAs saw prices increase in September; Gatineau led the growth, at 0.5%, while Calgary and Hamilton both registered 0.1% upticks. Ottawa led the decline on a local level for a second straight month, with new home prices falling 4.3% annually. Edmonton and Victoria followed, with respective year-over-year declines of 3.8% and 3.7%.

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