The price of new homes in Canada fell by 0.2 per cent in June from May and by 3.3 per cent from June 2008, the largest year-on-year decline in almost 18 years, Statistics Canada said Wednesday.
Market analysts, on average, expected new housing prices to remain unchanged from May. It was the ninth consecutive month-on-month drop.
The year-on-year decline was the largest since a 3.5-per-cent fall recorded in November 1991.
Prices rose in six of the 21 metropolitan areas, fell in six, and were unchanged in another nine in June. Western cities, which have seen large increases in recent years, continued their recent pattern of falls.
Edmonton recorded a 0.8-per-cent drop, while Calgary posted a 0.1-per-cent decrease. Victoria and Vancouver saw prices fall by 0.5 and 0.9 per cent respectively.
