Alberta leads country in slumping new home prices

The price for a new home in Calgary and Edmonton is dropping more than anywhere else in Canada.

According to figures from Statistics Canada, prices for a new home in March fell by 1.2 per cent in both Calgary and Edmonton.

Prices in Vancouver fell 1.1 per cent and Victoria was down 0.9 per cent.

Across the country, selling prices fell 0.5 per cent in March.

Twelve month declines of -12.3 per cent were recorded in Edmonton and -8.7 per cent in Calgary with an -11.2 per cent drop in Saskatoon.

Officials with Statistics Canada say the drop in prices in Calgary and Edmonton can be attributed to lower materials, labour costs, and land prices.

In St. John's, Montreal, and Quebec City new home prices rose slightly.