OTTAWA– The August increase in Canadian new house prices continues the upward trend that started in the spring 2020.
Statistics Canada reported Tuesday that August saw a 0.7% increase in new house prices in Canada. New house prices rose 12.2% compared to a year earlier.
According to the Canadian Real Estate Association, existing home sales fell for the fifth consecutive month in August. However, they are still at historical high levels. According to Shaun Cathcart of the association, economist, the Canadian Real Estate Association, the Canadian housing market appears to be stable between its pre-pandemic levels and the peak they reached during the pandemic.
Statistics Canada reports that new house prices increased in 13 of 27 metro areas. The largest increase was in London, Ontario (a city located about 100 miles southwest from Toronto), where prices increased 3.9% in August compared to the previous month.
Sandi Branker is a Real Estate agent and a Think Ely Real Estate Team member at Zolo Ottawa. She can be reached at (613) 408–7935 or by email at email@example.com. Facebook| Google My Business |Website Home Page |