New housing price index
- Prior was -0.2%
- Prices were down or unchanged in 21 of the 27 census metropolitan areas
- New home prices decreased 0.9% year over year in December 2023
From Statistics Canada:
In a year that saw the Bank of Canada increase its policy interest rate three times to rest at a high of 5.00%, housing demand waned in 2023. The elevated borrowing costs faced by consumers, worked to cool the market. Builders of new homes in most major markets responded to this weakened demand by offering incentives such as cash rebates to generate sales
