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New Housing Price Index
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The rate of growth in new housing prices slowed again in August despite the accelerating market in the Prairie region.
Contractors' selling prices increased 6.5% in August compared with August 2006, a drop from the 7.7% gain observed in July. Prices have gradually decelerated over the past 12 months.
On a monthly basis, prices increased 0.4% between July and August, resulting in a New Housing Price Index of 155.1 (1997=100).
In the Prairie region, demand for new housing combined with higher labour costs for framers and concrete workers to produce record high year-over-year increases for Saskatoon (+53.6%), Regina (+29.2%) and Winnipeg (+16.0%).
In Alberta, housing price increases in Edmonton began to cool somewhat with a year-over-year increase of 30.2%. Calgary registered a year-over-year increase of only 6.1%.
The pace in Vancouver (+6.6%) remained healthy, but was down from the previous month's year-over-year increase of 9.2%.
Housing prices accelerated slightly in Halifax, rising 7.0% over August last year.
Sales continued to slump in Windsor, where new housing prices fell 2.8% below levels in August last year.
On a monthly basis, the fastest gain occurred in Regina (+5.3%), its largest one-month increase in over 20 years. It was followed by Saskatoon (+1.4%) and St. John's (+1.2%). Windsor registered its first monthly increase since March of this year.
The only metropolitan areas registering declines from June were Hamilton (-0.7%) and London (-0.1%).
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The second-quarter 2007 issue of Capital Expenditure Price Statistics (62-007-XWE, 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), Prices Division.
Table(s).
