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New housing prices increased at their slowest pace in more than two and a half years in April, despite strong markets in Saskatchewan, Newfoundland and Labrador and Nova Scotia.
Nationally, contractors' selling prices rose 5.2% between April 2007 and April 2008, a slower pace than the year-over-year increase of 6.1% in March.
This was the third consecutive month in which the increase has decelerated, and the slowest rate of growth since September 2005, when year-over-year prices rose by 4.9%.
On a monthly basis, prices were unchanged between March and April.
Regionally, for the 12th straight month, prices rose at the fastest pace in Saskatoon. It led the nation with a year-over-year price increase of 43.7%, although this was slower than the 46.2% gain observed in March.
In Regina, the year-over-year increase was 34.0%, faster than the 27.8% increase in March. Regina's new housing prices rose 7.1% between March and April. Builders reported higher prices as a result of increased material and labour costs, as well as a strong market and continued high demand for new housing.
In Winnipeg, prices rose 14.8% on a year-over-year basis.
In Edmonton, the 12-month growth rate slowed in April to 8.1%, the ninth consecutive month in which the pace of growth has decelerated. On a monthly basis, Edmonton's new housing prices fell 0.6% in April, the fourth straight month in which prices declined.
In Calgary, prices rose 2.5% between April 2007 and April 2008, down from the 5.3% year-over-year increase in March.
Edmonton and Calgary continued to experience slow market conditions. Competition among builders has resulted in lower prices being offered to prospective homebuyers.
A strengthening economy, coupled with increased material and labour costs, has contributed to record increases in Newfoundland and Labrador. Homebuyers in St. John's saw prices rise 16.3%, up from the year-over-year increase of 12.0% in March.
Buyers in Halifax saw an 11.3% gain on a 12-month basis, down from the record setting pace of 12.8% in March.
On the West Coast, the 12-month increase in contractors' selling prices for Vancouver was 5.4%, while Victoria recorded an increase of 1.9%, up from 1.2% in March.
Windsor recorded year-over-year deflation in April, with prices falling 0.2% from April 2007. This continues the downward trend in prices that started 19 months ago.
In Québec, prices increased 5.0% on a yearly basis, while in Montréal, the 12-month growth rate slowed to 4.3%.
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The first quarter 2008 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 our Client Services Section (613-951-9606; fax: 613-951-1539; prices-prix@statcan.gc.ca), Prices Division.
Table(s).
