New home prices remain steady in Canada

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The largest month-over-month increases in new home prices were registered in Calgary (up by 0.4%), Saskatoon, and Sherbrooke (each up by 0.2%).

Data from Canada Mortgage and Housing Corporation (CMHC) indicated that the national supply of unabsorbed (completed but not sold) single family homes (single detached, semi-detached, and row) was 37.6% above the level seen in December 2022.

On a year-over-year basis, the largest price declines in December were seen in Ottawa (down by 4.8%) and Victoria (down by 4.2%).

At the same time, new home prices increased the most in the relatively more affordable markets of Quebec (up by 3.3% annually) and Calgary (up by 2.7%). These regions saw single-family benchmark prices settle at $392,500 and $635,600, respectively, versus the $779,100 level nationwide.

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