OTTAWA (Reuters) - The annual rise in new housing prices in Canada slowed to 5.2 percent in April, its weakest pace since September 2005 as the sizzling real estate markets in some western cities slowed, Statistics Canada said on Wednesday.
New home prices showed no change in April from March, underperforming market expectations for a 0.4 percent climb.
“Edmonton and Calgary continued to experience slow market conditions,” Statscan said in its report. “Competition among builders has resulted in lower prices being offered to prospective buyers.”
For the 12th straight month, prices rose the fastest in Saskatoon, up 43.7 percent in the year. Windsor, Ontario was the only city posting price deflation, with new housing prices there falling 0.2 percent since April 2007.
Despite cooling down since late 2006, Canada’s housing market has averted the dramatic collapse seen in U.S. housing prices.
* Statistics Canada report
Reporting by Louise Egan; Editing by Scott Anderson