Home Prices Rose Again

By Elli Davis, June 12, 2010

Home Prices Rose Again
photo by Chris Vecchio

Prices of new home in Canada rose again in April, for the 10th month in a row! The growth was not that significant though. It was identical to the March figures, just 0.3 percent, Statistics Canada announced on Thursday.

Home prices increased in slightly more than half of the metropolitan areas – 11 out of 21. They decreased in 4 and stayed the same in 6. The biggest rise, of 1.1 percent, was recorded in Newfoundland, St. John's and Labrador. Saskatoon and Regina were the next best with an increase of 0.9 percent. The opposite can be said for Prince Edward Island, Charlottetown, Sudbury and Thunder Bay, Ontario, which showed the biggest decline in the country, 0.3 percent.

As for the year-over-year comparison, prices were 2.5 percent higher this April than they were in April 2009. I think it will be interesting to see how the recent move of the bank of Canada, the rise of interest rates, will affect home prices. There will likely be lower demand for homes, which might and likely will cause lowering of the prices. I seriously cannot wait for the June results.

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