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The Daily

Tuesday, September 11, 2007
July 2007

The pace of growth in new housing prices slowed for the 11th consecutive month in July, despite the ongoing red-hot pace in Saskatchewan.

Contractors' selling prices increased 7.7% in July compared with July 2006, a slightly slower rate than the 7.8% gain in June. Prices have been decelerating since August 2006 when the year-over-year rate of growth peaked at 12.1%.

On a monthly basis, prices increased 0.9% between June and July. The New Housing Price Index increased to 154.4 (1997=100).

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Demand for new housing remained hot in Saskatchewan. Prices in Saskatoon set a record high year-over-year increase for the fifth consecutive month (+51.4%). Regina also registered a record 12-month increase of 23.0%.

Prices in Winnipeg were 15.7% higher than in July 2006 in the wake of land shortages and development costs, combined with labour rates for framers and concrete workers.

In Alberta, new housing prices in Edmonton continued to increase at a fast pace with a year-over-year increase of 38.4%. Hikes in land values from developers were a major contributor. On the other hand, a cooling trend continued in Calgary, where the year-over-year increase was only 9.8%, the slowest gain in almost two years.

A healthy housing market in Vancouver resulted in a year-over-year increase of 9.2%, down slightly from the 9.8% increase recorded in the previous month.

Housing prices remained strong in Halifax, rising 6.8% over July 2006, despite only a small monthly increase of 0.1%.

In Windsor, new housing prices fell 3.5% below levels in July 2006 as builders priced to sell in a depressed market.

On a monthly basis, the fastest gain occurred in Edmonton (+7.0%), which registered its largest one-month increase in over 20 years. It was followed by Winnipeg (+4.3%), Saskatoon (+3.0%) and Regina (+1.6%).

The only census metropolitan areas registering declines from June were Windsor (-0.6%) and Greater Sudbury and Thunder Bay (-0.4%).

Available on CANSIM: table 327-0005.

Definitions, data sources and methods: survey number 2310.

The second quarter 2007 issue of Capital Expenditure Price Statistics (62-007-XWE, free) will be available in October.

For more information, or to enquire about the concepts, methods or data quality of this release, contact Client Services (613-951-9606; fax: 613-951-1539;, Prices Division.

Tables. Table(s).