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New Housing Price Index, February 2023
The national index declined 0.2% month over month in February, following a similar decrease in January. The index has been down in five of the last six months. In February, prices were down or unchanged in 25 of the 27 census metropolitan areas surveyed and up in 2. In February, new home prices fell the most in St. Catharines–Niagara (-1.3%), Victoria (-0.9%) and Gatineau (-0.9%), with builders noting deteriorating market conditions as the reasons for the declines. High mortgage rates continued slowing housing demand, with the Canada Mortgage and Housing Corporation reporting 44.1% more unsold, newly constructed ... (full story)