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New Housing Price Index
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There was a moderate increase in the cost of new housing in January. The New Housing Price Index was up 0.3% to 148.0 (1997=100). This resulted in a year-over-year hike in contractors' selling prices of 10.1%, down from 10.7% in the previous month.
Price increases were seen in 10 of the 21 metropolitan areas surveyed. Edmonton (+1.6%) led the way, followed by Calgary (+0.8%). Costs for construction materials, in particular concrete, and labour for excavation and painting were the contributing factors. Higher lot values were also cited in Edmonton.
Gains were also observed in Montréal, Winnipeg, London, Victoria, Hamilton, Saint John, Fredericton and Moncton, Toronto and Oshawa and St. Catharines–Niagara. Of the 10 metropolitan areas showing increases, land prices rose in 3.
Seven metropolitan areas registered no monthly change. Greater Sudbury and Thunder Bay (-0.4%) showed the largest decrease due to competitive factors. Charlottetown, Ottawa–Gatineau and Kitchener were also down from the previous month.
Calgary (+40.8%) continued to post the largest 12 month increase followed closely by Edmonton (+40.2%). Saskatoon (+16.1%), Regina (+8.3%), Winnipeg (+7.8%) and Vancouver (+6.9%) also had noteworthy year-over-year gains.
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The fourth quarter 2006 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, fax: 613-951-1539; prices-prix@statcan.gc.ca) or Randy Sterns (613-951-8183; randy.sterns@statcan.gc.ca), Prices Division.
Table(s).
