GTA new home prices slip in May
July 10, 2009
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Tony Wong
BUSINESS REPORTER
The price of a new home in Toronto and Oshawa declined by 0.3 per cent in May over April, according to a Statistics Canada report released today.
New home prices have declined by 0.8 per cent year to date according to the federal agency.
The Hamilton area, which has been struck by a loss of manufacturing jobs, saw prices decline the most in the Golden Horseshoe Area by 1.1 per cent
"Builders offered free upgrades, incentives and cash bonuses in order to increase sales during a period of less favourable market conditions," said Statistics Canada.
Nationally, contractors selling prices decreased by 0.1 per cent and are down by 3.1 per cent year over year.
The largest year over year decreases are in the western provinces, which saw the greatest increases over the last decade. A new home is selling for 13.4 per cent less in Saskatoon, 11.7 per cent less in Edmonton, and 7.9 per cent less in Calgary compared to last year.
thestar.com