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New Housing Price Index
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The cost of new housing rose substantially (+0.8%) in April from the previous month. As a result, the New Housing Price Index climbed to 150.5 (1997=100). Compared to 12 months ago, contractors' selling prices were up 8.9%, down slightly from the 9.3% increase recorded in March.
Of the 21 metropolitan areas surveyed, 12 registered an increase, with Edmonton leading the way (+4.4%). This was the result of high costs for materials and trade labour, high demand, and extended construction periods. Regina (+2.2%), Saskatoon (+2.1%) and Calgary (+2.0%) followed. Price advances in these regions were mostly attributable to materials and labour. Land prices rose in these same cities as new land began development.
Noteworthy gains were also observed in Halifax, Greater Sudbury and Thunder Bay and Vancouver. Of the 12 metropolitan areas showing increases, land prices rose in only 5.
Five metropolitan areas registered no monthly change. Victoria (-0.9%) recorded the largest decrease due to a moderating market. Prices in St. John's, Saint John, Fredericton and Moncton, and Charlottetown also declined.
Edmonton (+40.5%) posted the largest 12-month increase, followed by Calgary (+27.4%), Saskatoon (+24.9%), Regina (+17.3%) and Winnipeg (+6.9%).
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The first quarter 2007 issue of Capital Expenditure Price Statistics (62-007-XWE, free) will be available in July.
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).
