The price of a new home in Canada stayed the same for a third straight month in May.
Statistics Canada said Thursday that demand remained flat for new homes in both Toronto and Vancouver due to tighter mortgage rules and higher interest rates. Toronto’s saw declines in the previous four months.
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In 15 of the 27 metropolitan areas surveyed by Stats Can, prices dropped or were unchanged. Gains were seen in Windsor, Guelph and London.
The new housing price index excludes apartments and condominiums.
This report comes on the heels of a central bank report on Wednesday that said housing markets have begun to stabilize after a weak start to the year.