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New housing prices in Alberta stagnant

New housing prices in Alberta stagnant

Posted on: 6/14/2019 | Author: ATB Financial's Economics + Research Team

​​New house prices in Alberta were down 0.8 per cent on a year-over-year basis in April, according to Statistics Canada’s New Housing Price Index. This is not a huge drop, but does reinforce the sluggish rate of overall economic growth forecast for the province this year. For home builders who may be dealing with both rising input costs and lower profit margins on less expensive homes, it is definitely a move in the wrong direction.

New house prices grew strongly over the course of 2012 and 2014. They then plateaued in 2015 and began to edge down in mid-2016. In November 2016, the national price index rose above Alberta’s for the first time in a decade.

The national story is a little different, with the new house price index staying essentially flat for around the last year-and-a-half, rather than edging down.

The path of new house prices in the Calgary and Edmonton census metropolitan areas has been roughly the same in recent years with both currently sitting below pre-recession levels.

The slight downward trajectory of prices being fetched by new homes in Alberta is in keeping with a provincial economy that, while not in recession, is not exactly firing on all cylinders. A similar downward trajectory is found in Alberta’s resale housing market ​.

New housing price index, graph​ ​​​​​

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