We’ve now seen nine consecutive months of falling new home prices, mostly driven by the drop out here in the west. Despite predictions the drop was over, prices fell nationally in June by .2 percent on the month for a year over year drop of 3.3 percent. This is the sharpest national decline in new home prices since the early nineties.
The biggest drop in one month was right here in Vancouver where June saw a .9 percent drop in prices as builders tried to clear out inventory. Right now Saskatchewan, Alberta and British Columbia are driving prices down, while the east coast is pulling them up. St. Johns saw the largest yearly gains of 10.3 percent, while Vancouver is showing losses of 9.1 percent.
If you’re looking to buy a new condo, it’s probably a good time to haggle.