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Canada new housing prices drop by 0.6 pct
Wed Jun 10, 8:48 AM
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OTTAWA (Reuters) - The prices of new homes in Canada in April fell by 0.6 percent from March and by 3.0 percent from April 2008, the largest year-on-year decline for more than 17 years, Statistics Canada said on Wednesday.

Market analysts had on average expected new housing prices to fall by 0.4 percent from March. It was the seventh consecutive month-on-month drop.

The year-on-year decline was the largest since the 3.2 percent fall recorded in December 1991.

Prices rose in just three of the 21 metropolitan areas and were unchanged in another 10 in April. Western cities which have seen large increases in recent years continued their recent pattern of falls.

Edmonton recorded a 0.9 percent drop in April from March while Calgary posted a 0.8 percent decrease. Victoria and Vancouver saw prices fall by 0.6 and 1.2 percent respectively.

(Reporting by David Ljunggren)

[3M]

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