Prices of new homes fell by 10.4 per cent year-over-year in Edmonton and 6.5 per cent in Calgary as the economic downturn becomes more deeply entrenched in the once-booming West.

Country-wide, the prices of new homes moderated by 0.8 per cent in January compared with the year-earlier month, Statistics Canada reported Wednesday.

Between December and January of this year, contractors’ selling prices declined by 0.6 per cent, a slightly faster pace than the 0.1-per-cent decline the previous month.

The month-to-month declines were steepest in Edmonton, Calgary, Victoria and Vancouver, Statscan said. “Builders in all four cities report difficult market conditions.”

Source: The Globe and Mail

Posted on 11 March '09, under Business, Real Estate.