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New Housing Price Index
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The New Housing Price Index edged up 0.2% in October to 146.7 (1997=100). This was the smallest monthly increase since July 2005. This resulted in a 12 month increase of 11.4% in contractors' selling prices.
Prices advanced in 11 of the 21 metropolitan areas surveyed. Edmonton had the largest monthly increase at 2.2%, followed by Winnipeg (+0.6%) and Vancouver (+0.5%). Higher costs for construction materials, labour rates and an active housing market continued to be factors driving prices. Increased lot values, mostly due to land shortages, were also a contributing factor in both Winnipeg and Edmonton.
Gains were also observed in Québec, Montréal, Ottawa–Gatineau, Hamilton, London, Kitchener, Greater Sudbury / Grand Sudbury and Thunder Bay and Regina. Of the 11 metropolitan areas showing increases, land prices rose in 4.
| New housing price indexes | |||||
|---|---|---|---|---|---|
| October 2006 | October 2005 to October 2006 | September to October 2006 | |||
| (1997=100) | % change | ||||
| Canada total | 146.7 | 11.4 | 0.2 | ||
| House only | 156.7 | 11.9 | 0.1 | ||
| Land only | 126.9 | 10.0 | 0.2 | ||
| St.John's | 131.4 | 3.6 | 0.0 | ||
| Halifax | 130.7 | 0.8 | 0.0 | ||
| Charlottetown | 117.3 | 1.5 | -0.1 | ||
| Saint John, Fredericton and Moncton | 113.6 | 3.3 | 0.0 | ||
| Québec | 142.7 | 3.8 | 0.1 | ||
| Montréal | 149.4 | 4.2 | 0.3 | ||
| Ottawa–Gatineau | 160.7 | 2.5 | 0.1 | ||
| Toronto and Oshawa | 138.3 | 3.0 | -0.1 | ||
| Hamilton | 144.5 | 6.0 | 0.3 | ||
| St. Catharines–Niagara | 145.3 | 4.3 | -0.2 | ||
| Kitchener | 137.2 | 3.5 | 0.1 | ||
| London | 135.6 | 6.6 | 0.1 | ||
| Windsor | 105.3 | -0.4 | -0.7 | ||
| Greater Sudbury / Grand Sudbury and Thunder Bay | 102.5 | 1.7 | 0.4 | ||
| Winnipeg | 147.5 | 8.6 | 0.6 | ||
| Regina | 156.4 | 8.2 | 0.1 | ||
| Saskatoon | 144.6 | 12.7 | 0.0 | ||
| Calgary | 235.7 | 53.5 | -0.5 | ||
| Edmonton | 200.5 | 41.1 | 2.2 | ||
| Vancouver | 116.0 | 8.6 | 0.5 | ||
| Victoria | 117.6 | -0.1 | -0.5 | ||
| |||||
No monthly change was noted in four metropolitan areas while six showed a decrease. Significant reductions were registered in Windsor (-0.7%), Calgary and Victoria (-0.5% each). This was Calgary's first monthly decrease since November, 2004. Charlottetown, Toronto and Oshawa and St. Catharines–Niagara also showed drops in new housing prices.
Calgary (+53.5%) posted the largest 12 month increase followed closely by Edmonton (+41.1%). Saskatoon (+12.7%), Winnipeg (+8.6%) Vancouver (+8.6%) and Regina (+8.2%) also had noteworthy year-over-year gains.
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The third quarter 2006 issue of Capital Expenditure Price Statistics (62-007-XIE, free) will be available in January 2007.
For more information, or to enquire about the concepts, methods or data quality of this release, contact our Client Services Section (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.
