Canada’s New Housing Price Index (MoM) fell by 0.3% in the latest report, marking a deeper decline compared to the previous month’s 0.1% decrease. This indicates a continued downward trend in housing prices.
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The actual result of a 0.3% decline was below the analyst estimate of no change, suggesting weaker-than-expected demand in the housing market. This unexpected drop may pressure real estate and construction stocks, as investors reassess growth prospects in these sectors. The market impact is likely to be short-term, driven by sentiment, as participants digest the implications for housing demand and broader economic activity.