{"id":22213,"date":"2023-07-18T11:11:00","date_gmt":"2023-07-18T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22213"},"modified":"2023-06-23T10:20:15","modified_gmt":"2023-06-23T17:20:15","slug":"first-monthly-increase-in-new-home-prices-rising-0-1-m-m","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/07\/first-monthly-increase-in-new-home-prices-rising-0-1-m-m\/","title":{"rendered":"First Monthly Increase in New Home Prices, Rising 0.1% M\/M"},"content":{"rendered":"<p style=\"text-align: justify;\">Rising construction costs have led to the first monthly increase in new home prices Canada has seen since last summer.<\/p>\n<p style=\"text-align: justify;\">According to Statistics Canada, the new housing price index saw a slight uptick in May, rising 0.1% \u2014 the first month-over-month increase since August.<\/p>\n<p style=\"text-align: justify;\">The national price growth can largely be attributed to increased construction costs in Qu\u00e9bec, Calgary, and Kelowna. These census metropolitan areas (CMAs) saw new home prices rise 0.9%, 0.8%, and 0.6%, respectively, month over month.<\/p>\n<p style=\"text-align: justify;\">May marked the second consecutive month that Qu\u00e9bec has seen the largest price increase amongst the 27 CMAs included in the index, while Calgary and Kelowna both experienced their largest monthly increases since May 2022.<\/p>\n<p style=\"text-align: justify;\">New home prices rose in three other CMAs, including Vancouver (0.2%), remained unchanged in 13 municipalities, and declined in eight, including Toronto (-0.1%). The largest monthly declines were seen in Sudbury, at 1.2%, and Sherbrooke, at 0.7%, with builders blaming the dips on weak market conditions.<\/p>\n<p style=\"text-align: justify;\">On an annual basis, new home prices were down 0.6% across Canada in May. Locally, Victoria saw the largest decline, at 2.7%, followed by St. Catharines\u2013Niagara, at 2.4%, and Edmonton, at 2.3%.<\/p>\n<p style=\"text-align: justify;\">In contrast, the most significant annual increases were seen in Qu\u00e9bec (4.1%), Charlottetown (1.1%), and St. John\u2019s (1.1%).<\/p>\n<p style=\"text-align: justify;\">New home prices have been falling across Canada since May 2022, as high interest rates continue to weigh on market activity. According to the Canada Mortgage and Housing Corporation, there was a 64.1% annual increase in unabsorbed inventory in May.<\/p>\n<p><a href=\"https:\/\/storeys.com\/canada-new-home-price-index-may-2023\/\" target=\"_blank\" rel=\"noopener\">New Home Prices See First Monthly Increase Since August 2022<\/a> by Zoe Demarco | Storeys<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rising construction costs have led to the first monthly increase in new home prices Canada has seen since last summer. According to Statistics Canada, the new housing price index saw &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/07\/first-monthly-increase-in-new-home-prices-rising-0-1-m-m\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-22213","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First Monthly Increase in New Home Prices, Rising 0.1% M\/M &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/07\/first-monthly-increase-in-new-home-prices-rising-0-1-m-m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"First Monthly Increase in New Home Prices, Rising 0.1% M\/M &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Rising construction costs have led to the first monthly increase in new home prices Canada has seen since last summer. 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