New Housing Prices Dipped in November

The cost of buying a new home dropped slightly in November, according to Statistics Canada. The national average of a home in Canada dropped 0.2 percent, with the largest decrease being seen in Sherbrooke, Quebec (1.2 percent), St. John’s, Newfoundland (1 percent), and Hamilton, Ontario (1 percent). Builders in those areas said there were weak market conditions that caused the price drop, according to StatCan. “Many builders in the 15 [census metropolitan areas] where new home prices declined in November were offering different types of incentives (for example, design credits, rebates) to encourage sales,” the housing report says. In total, 25 out of 27 cities surveyed saw prices drop or stay steady, StatCan said....