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(CEP News) Ottawa - Canada's housing industry showed further signs of a slowdown Monday as Statistics Canada reported its national New Housing Price Index decreased for a second consecutive month in November.
The index fell 0.3% in November compared to October, precisely in line with the consensus forecast of economists. On an annual basis, the pace of price increases for new homes slowed to 0.7% in November - a slower pace than the 1.5% increase recorded in October and the smallest increase recorded since August 1999. Significant 12-month price declines were recorded in Edmonton, where contractors charged 7.9% less for new homes, Calgary, where prices were down 2.5%, Victoria, where new home prices fell 2.4%, and Vancouver, where prices fell 2.3%. Edmonton's year-over-year decrease was the largest since May 1985, while Calgary's decline was the largest since 1991, Statistics Canada said. On a monthly basis, prices in Edmonton fell 0.3% and Calgary prices dropped 1.1%. Vancouver's year-over-year price decline was the deepest since November 1999. On a monthly basis, Vancouver saw prices drop 1.7%, while prices fell 0.9% in Victoria. The biggest year-over-year increases came in St. Johns, where contractors' prices for a new home went up 25.6% year-over-year. The city also had the biggest monthly increase with a 3.4% jump as builders reported higher material and labour costs. Regina saw prices stay flat month-over month, but prices were up 21.7% in November 2008 compared to November 2007, the second highest 12-month increase in Canada. Saskatoon's new home prices increased 2.7% year-over-year, but decreased 0.5% month-over-month. Statistics Canada said some builders in Saskatoon reported reduced prices charged by sub-contractors. By Sean McKibbon,
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