{"id":23302,"date":"2024-02-02T11:11:00","date_gmt":"2024-02-02T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23302"},"modified":"2024-01-25T10:46:11","modified_gmt":"2024-01-25T18:46:11","slug":"the-national-supply-of-unabsorbed-single-family-homes-was-up-37-6-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/02\/the-national-supply-of-unabsorbed-single-family-homes-was-up-37-6-y-y\/","title":{"rendered":"The National Supply of Unabsorbed Single-Family Homes was Up 37.6% Y\/Y"},"content":{"rendered":"

Rising interest rates, elevated borrowing costs, and waning demand weighed on homebuilding across Canada in 2023, leading to an annual decline in new home prices come year end.<\/p>\n

According to Statistics Canada, the national New Housing Price Index declined 0.9% year over year in December. Locally, prices fell or were unchanged in 21 of the 27 Census Metropolitan Area (CMAs) included on the index.<\/p>\n

The most significant annual decline was reported in Ottawa, with prices falling 4.8%, followed by Victoria, with a 4.2% drop. In comparison, new home prices in those cities experienced annual increases of 6.6% and 3.7%, respectively, in December 2022.<\/p>\n

The resale markets in the aforementioned municipalities didn\u2019t fare much better in 2023; sales in Ottawa slipped 11.0% annually, while Victoria reported a 8.7% drop in activity.<\/p>\n

StatCan reported that with demand weakening, new home builders in most major markets increasingly offered incentives, such as cash rebates, to incite sales. However, the national supply of unabsorbed single-family homes \u2014 including single detached, semi-detached, and row houses \u2014 was up 37.6% in December compared to a year prior.<\/p>\n

While many municipalities struggled, those that already bore more affordable conditions saw new home prices inch up year over year in December.<\/p>\n

The greatest annual gains were seen in Qu\u00e9bec, at 3.3%, and Calgary, at 2.7%. As of December, the benchmark price of a single-family home in Canada was $779,100 \u2014 in Qu\u00e9bec it was $392,500, and in Calgary it was $635,600.<\/p>\n

Further cementing its stance as Canada\u2019s hottest real estate market, Calgary also experienced the largest monthly increase in new home prices in December. Local builders attributed the 0.4% bump from November to December to rising construction costs. New home prices in Saskatoon and Sherbrooke edged up 0.2% for the same reason.<\/p>\n

Meanwhile, weaker demand was to blame for the 1.2% monthly decline in Halifax, and the 0.9% drop in Regina. Overall, prices fell or were unchanged in 21 of 27 CMAs, resulting in no movement to the national index on a monthly basis in December.<\/p>\n

New Home Prices See Annual Drop After Year of Rising Rates, Declining Demand<\/a> by Zoe Demarco | Storeys<\/p>\n","protected":false},"excerpt":{"rendered":"

Rising interest rates, elevated borrowing costs, and waning demand weighed on homebuilding across Canada in 2023, leading to an annual decline in new home prices come year end. 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