New home prices sales canada
  • Prior was -0.2%
  • 2022 prices over all rose 7.7% overall compared to 10.3% in 2021

The flat reading follows three months of declines but it may only be a temporary reprieve, especially if the Bank of Canada hikes rates this week as expected.

Statistics Canada doesn't usually offer any kind of guidance on the economy but added this to the new home sales release:

This decrease in lumber prices, along with elevated mortgage rates (plus the risk of further increases in 2023), should continue to cool new house prices, at least during the first half of 2023. As mortgage rates stabilize and uncertainty in the market calms, housing demand and growth in prices should edge up in the latter half of 2023. This, along with other factors such as increased immigration targets and continued interprovincial migration, especially in the hottest markets with a limited supply of new homes, could lead to price increases in the new home segment.