Calgary and Victoria are the only CMAs in Canada to see home prices drop: StatCan

An article written in the Calgary Herald shares comments from Statistics Canada "Calgary and Victoria were the only metropolitan areas in the country to record declines in new home prices from November to December, says Statistics Canada.

In releasing its New Housing Price Index, the federal agency said the two cities saw monthly drops of 0.2 per cent while for the entire country new home prices rose by 0.4 per cent on a monthly basis.

On a year-over-year basis, Calgary registered the third biggest drop in prices at 3.1 per cent. Edmonton led the country with new home prices falling 9.4 per cent from December 2008 to December 2009. Victoria's decline was 8.2 per cent.

Nationally, prices dropped by 0.9 per cent in the past 12 months. "In Calgary, some builders moved to new phases of development with lower priced lots," said the federal agency of the city's price change in December. The largest year-over-year increase was registered in Québec City at 6.9 per cent."

Artcile Source: The Calgary Herald