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New Housing Price Index
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The 12-month rate of growth in new housing prices held steady in November, the 15th straight month in which the year-over-year growth rate has not increased.
Contractors' selling prices were up 6.1% between November 2006 and November 2007, unchanged from the year-over-year increase in October.
On a monthly basis, prices rose 0.5% between October and November, resulting in a New Housing Price Index of 156.5 (1997=100).
Regionally, Saskatoon continues its dominance in year-over-year inflation, leading the country with a price increase of 47.9%, unchanged from October. The monthly increase showed no change from October.
In Regina, new housing prices were up 0.9% from October, as a result of higher costs for materials and labour. The year-over-year increase was 28.2%, down slightly from its previous measure of 29.5% in October 2007.
For Calgary, prices were 5.0% higher than in November 2006, falling from the 6.2% increase in October. On a monthly basis, Calgary recorded its second straight month of decline as new housing prices fell 0.1%. This decrease comes as some builders reduced pricing to reflect current market conditions in the city.
Edmonton saw prices that were 21.7% higher than in November 2006, down from the high of 42.8% in November 2006. Monthly prices in Edmonton remained unchanged from October.
Winnipeg experienced moderate gains with prices increasing 0.5% from October. The year-over-year rise held steady at 15.4%.
On the West Coast, the 12-month increase for Vancouver was 6.4%, up slightly from 6.2% in October. On a monthly basis, prices in Vancouver rose 0.2% from October as a result of strong market conditions for sellers in the Lower Mainland area.
In Victoria, contractors' selling prices rose 1.2% from November 2006, posting the largest increase since August 2006. Prices were 0.5% higher in November compared with October.
Windsor continues to be the only city in Canada to record year-over-year deflation, with prices falling 1.7% from November 2006. Contractors' selling prices for November remained unchanged from the previous month.
Elsewhere in Ontario, Toronto recorded a moderate increase as new housing prices rose 0.9% from October and 3.4% from November 2006. Hamilton and London also recorded yearly increases of 3.0% and 3.9% respectively.
In Montréal, the 12-month growth rate slowed to 4.1%, where declines attributed to a competitive market were offset by increased construction costs. Meanwhile in Québec, prices increased 6.0% from November 2006 and 1.9% from October 2007.
In the Atlantic region, Halifax saw prices rise 10.4% from November 2006 and 3.5% from October, in the wake of strong demand for new housing, while prices remained unchanged in St. John's (+6.7%) on a 12-month basis.
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The third quarter 2007 issue of Capital Expenditure Price Statistics (62-007-XWE, free) will be available in February.
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).
