Thursday, June 12, 2008

New-house price surges cooling off

Prices for new homes increased just 5.2% in April from a year earlier, marking the slowest pace in more than 2½ years.

It was the third month in a row for a deceleration.

On a month-to-month basis, national prices were unchanged between March and April, less than economists' expectations of a 0.2% rise.

The Canadian housing sector may be coming off the boil.

Ontario and Quebec saw increases slightly below the national average. In Windsor, Ont., which relies on the automotive industry, housing prices fell 0.2% from a year ago, continuing the downward trend started 19 months ago.


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