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New Housing Price Index
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The cost of new housing rose substantially in August, largely as a result of significant gains in Alberta. The New Housing Price Index was up 1.5% in August to 145.7 (1997=100), eclipsing the 1.1% increase registered in July. Compared to one year ago, contractors' selling prices increased 12.1%.
Prices advanced in 16 of the 21 metropolitan areas surveyed. Edmonton posted the largest monthly increase (+6.8%), followed by Calgary (+3.5%), Vancouver (+2.5%) and London (+1.7%). In Edmonton and Calgary, increased costs for construction materials, steeper trade labour rates and higher land costs combined with strong demand to push up the prices of new homes. Vancouver and London experienced strong markets for new housing as well.
| New Housing Price Indexes | |||||
|---|---|---|---|---|---|
|
(1997=100) | |||||
| August 2006 | August 2005 to August 2006 | July to August 2006 | |||
| % change | |||||
| Canada total | 145.7 | 12.1 | 1.5 | ||
| House only | 155.7 | 12.9 | 1.6 | ||
| Land only | 125.8 | 9.9 | 1.3 | ||
| St. John's | 131.9 | 5.1 | 0.1 | ||
| Halifax | 130.7 | 2.3 | 0.0 | ||
| Charlottetown | 117.6 | 2.2 | 0.1 | ||
| Saint John, Fredericton and Moncton | 113.5 | 3.8 | 0.3 | ||
| Québec | 142.5 | 4.3 | 0.0 | ||
| Montréal | 148.6 | 4.7 | 0.5 | ||
| Ottawa–Gatineau | 160.3 | 3.4 | 0.5 | ||
| Toronto and Oshawa | 138.4 | 3.8 | 0.4 | ||
| Hamilton | 144.1 | 6.6 | 0.5 | ||
| St. Catharines–Niagara | 145.4 | 5.6 | 0.4 | ||
| Kitchener | 137.1 | 3.5 | 0.0 | ||
| London | 134.1 | 5.7 | 1.7 | ||
| Windsor | 106.0 | 0.2 | 0.0 | ||
| Greater Sudbury / Grand Sudbury and Thunder Bay | 102.1 | 1.7 | 0.8 | ||
| Winnipeg | 145.6 | 9.3 | 0.2 | ||
| Regina | 156.2 | 9.5 | 0.3 | ||
| Saskatoon | 138.1 | 9.5 | 0.0 | ||
| Calgary | 234.5 | 60.6 | 3.5 | ||
| Edmonton | 190.8 | 37.8 | 6.8 | ||
| Vancouver | 114.8 | 7.9 | 2.5 | ||
| Victoria | 118.2 | 1.7 | 0.7 | ||
| |||||
Other noteworthy gains were observed in Greater Sudbury / Grand Sudbury and Thunder Bay (+0.8%) and Victoria (+0.7%) where builders stated that construction materials (drywall, heating and siding), labour costs and lot values contributed to the increases. Elsewhere, new home prices rose in St. John's, Charlottetown, Saint John, Fredericton and Moncton, Montréal, Ottawa–Gatineau, Toronto and Oshawa, Hamilton, St. Catharines–Niagara, Winnipeg and Regina. Land prices rose in 11 of the 16 metropolitan areas showing increases.
Five metropolitan areas registered no monthly change. There were no decreases in August.
Calgary (+60.6%) once again posted the largest 12 month increase for new homes. Edmonton was next (+37.8%) followed by Regina (+9.5%), Saskatoon (+9.5%) and Winnipeg (+9.3%).
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The second quarter 2006 issue of Capital Expenditure Price Statistics (62-007-XIE, free) will be available soon.
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-prix@statcan.gc.ca) or Randy Sterns (613-951-8183; randy.sterns@statcan.gc.ca), Prices Division.
