New home prices for May were released on Friday, falling 0.2% after April’s 0.4% drop and down 1% Y/Y as the real estate slowdown continues.

At a regional level Ontario and BC struggled, prices in the prairies rebounded after three consecutive down months, and provinces east of Ontario remain resilient despite the broader economic challenges.

The atlantic region has held up remarkably well, with no monthly declines since 2023 - a core reason we shifted our view on the REIT trade towards Killam (KMP-U) in May.