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New Housing Price Index

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February 2009 (Previous release)

Contractors' selling prices decreased 0.7% between January and February, compared with a 0.6% decline a month earlier. This resulted in a New Housing Price Index of 155.3 (1997=100).

Between January and February, prices declined 3.0% in Edmonton, followed by Vancouver (-2.9%), Saskatoon (-2.1%), Victoria (-1.7%) and Calgary (-0.9%). In all these cities, except for Saskatoon, poor market conditions continued to be the main reason for the decreases. In Saskatoon, declines were attributed to lower material and labour costs and competitive market conditions.

In Québec, new housing prices increased 2.6% from a month earlier, as some builders moved to new development phases with increased land values. Other builders increased their prices significantly as a result of a shortage of available land in the city.

In Charlottetown, prices increased by 1.2%, partly as a result of increased land values in the current market.

Percentage change from the same month of the previous year (cities with the smallest or negative change)

Prices also increased from a month earlier in Regina (+0.9%) and London (+0.8%).

The New Housing Price Index was down 1.8% in February compared with the same month a year earlier. This was the second consecutive year-over-year decrease at the Canada level, and the largest decline since September 1996 (-2.0%).

On the Prairies, 12-month declines were recorded in Edmonton (-12.2%), Saskatoon (-8.7%) and Calgary (-7.1%).

On the West Coast, Vancouver (-6.1%) and Victoria (-5.8%) each posted year-over-year declines.

Among surveyed cities, the largest year-over-year increase was registered in St. John's at 20.5%, followed by Regina at 14.7%.

In Québec, the 12-month growth rate was 8.0%, while in Montréal, prices increased 3.1%.

Compared with February 2008, contractors' selling prices were 5.1% higher in Winnipeg, and 4.2% higher in Saint John, Fredericton and Moncton.

Percentage change from the same month of the previous year (cities with the largest positive change)

Available on CANSIM: table 327-0005.

Definitions, data sources and methods: survey number 2310.

The fourth quarter 2008 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 Client Services (613-951-9606; toll-free 1-866-230-2248; fax: 613-951-3117;, Prices Division.

Table 1

New housing price indexes
 February 2009February 2008 to February 2009January to February 2009
 (1997=100)% change
Canada total155.3-1.8-0.7
House only163.1-3.0-0.8
Land only139.40.6-0.6
St. John's179.020.5-0.1
Saint John, Fredericton and Moncton120.34.20.3
Toronto and Oshawa146.40.8-0.1
St. Catharines–Niagara155.90.50.0
Greater Sudbury and Thunder Bay112.72.00.0
View the census subdivisions that comprise the metropolitan areas online.