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New Housing Price Index
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The cost of new housing was up 0.5% in February from the previous month. This brought the New Housing Price Index to 148.8 (1997=100). Compared on a year-over-year basis, contractors' selling prices were up 10.0%, just below the 10.1% registered in January.
Prices increased in 10 of the 21 metropolitan areas surveyed with Regina leading the way (+4.7%), as it experienced prolonged construction times due to brisk sales. Québec and Edmonton followed (+2.7% each). Costs for construction materials, labour rates and higher lot values were contributing factors in all three metropolitan areas.
Noteworthy gains were also observed in Greater Sudbury and Thunder Bay (+1.7%) due to expected raw material and labour cost increases. It was followed by Montréal, Hamilton, Winnipeg, St. Catharines–Niagara, Kitchener and Toronto and Oshawa. Of the 10 metropolitan areas showing increases, land prices rose in 7.
Eight metropolitan areas registered no monthly change. Windsor (-0.9%) showed the largest decrease due to new home buyer incentives. Saint John, Fredericton and Moncton and London were also down from the previous month.
Edmonton (+42.5%) posted the largest 12 month increase, followed by Calgary (+37.8%). Saskatoon (+16.1%), Regina (+13.5%), Winnipeg (+7.9%) and Vancouver (+6.0%) also had noteworthy year-over-year gains.
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The fourth quarter 2006 issue of Capital Expenditure Price Statistics (62-007-XWE, free) will be available in April.
For more information, or to enquire about the concepts, methods or data quality of this release, contact our Client Services (613-951-9606, fax: 613-951-1539; prices-prix@statcan.gc.ca) or Randy Sterns (613-951-8183; randy.sterns@statcan.gc.ca), Prices Division.
Table(s).
