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The Daily. Friday, May 10, 2002 New Housing Price IndexMarch 2002The New Housing Price Index rose 0.4% in March (1992=100). This index of contractors' selling prices now stands 3.3% higher compared with the same period a year earlier. March's increase edged out last month as the highest year-over-year increase since May 1990. Monthly advances occurred in 10 of the 21 urban centres surveyed. The largest monthly advance was in Edmonton (+1.1%), due to high demand and increased costs for material and labour. Calgary and Montréal followed closely with increases of 1.0% and 0.9% respectively. Builders in both cities reported higher labour and material costs and some Montréal builders added that the market was good. New Housing Price Index (1992=100)
Increased building costs in Saskatoon pushed prices up 0.8%, while the Ottawa-Gatineau (+0.6%) market continued to be very active. Both Québec and Winnipeg (+0.5% each) reported labour shortages and increased operating costs. Vancouver and St. John's both advanced 0.4%, citing good demand. St. John's also reported higher construction costs. Kitchener-Waterloo posted a modest gain of 0.1% and reported good market conditions. Halifax, Charlottetown, Saint John-Moncton-Fredericton, Toronto, Windsor, Regina and Victoria showed no change in March. Sudbury-Thunder Bay (-0.6%), Hamilton (-0.4%) and St. Catherines-Niagara (-0.4) posted declinces due to competitive new housing markets, while Spring promotions in London (-0.3%) worked to buyers' advantage. On an annual basis, Ottawa-Gatineau still posted the largest 12-month increase (+6.1%) for new homes followed closely by Edmonton (+6.0%). Calgary (+4.8%) and Montréal (+4.4%) followed. There were no annual decreases in March. Available on CANSIM: table 327-0005. The first quarter 2002 issue of Capital expenditure price statistics (62-007-XPB, $24/$79) will be available in June. For further information, or to enquire about the concepts, methods or data quality of this release, contact Louise Chainé (613-951-0785; fax: 613-951-1539; chailou@statcan.gc.ca), Client Services Unit, or Anne Williamson (613-951-2035, willann@statcan.gc.ca), Prices Division. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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