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New housing prices increased at their slowest pace in over six years in June, continuing a slowdown that started in September 2006. This was a result of a softening housing market in Western Canada.
Nationally, contractors' selling prices rose 3.5% between June 2007 and June 2008, compared with the 4.1% year-over-year increase in May. This was the slowest rate of growth since March 2002 when year-over-year prices increased by 3.4%.
On a monthly basis, prices edged up 0.1% between May and June this year.
Homebuyers in the census metropolitan area of Regina continued to experience the largest gains in new home prices. Contractors' prices in Regina increased by 28.5% from June 2007, with continuing labour shortages and increased costs of materials likely playing important roles.
The metropolitan area with the second largest increase, at 22.2%, was St. John's, Newfoundland and Labrador, which is now showing a larger increase than Saskatoon for the first time since December 2005. Builders reported that higher costs for labour and land helped push prices up.
In Saskatoon, the year-over-year price increase was 16.3%, down substantially from 30.2% in May. Contractors reported costs of labour and materials were increasing. However, prices fell 2.8% between May and June because of a softening market.
In Winnipeg, contractors' prices were 11.5% higher than in June 2007, with contributions likely from higher material costs and continuing strong demand for new housing.
New housing prices were up only slightly from June 2007 in Edmonton (+1.6%) and in Calgary (+0.1%), Alberta's two principal metropolitan areas. Contractors in both areas cited a soft market as the main factor.
In British Columbia, year-over-year prices in Vancouver were up 1.8%, while those in Victoria declined by 0.4%.
Higher material costs pushed prices in Québec up by 5.4%. In Montréal, prices were up 5.6%.
In Toronto, homebuilders increased prices by 3.8% from June 2007. Prices in Ottawa were up 4.4%.
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The second quarter 2008 issue of Capital Expenditure Prices Statistics (62-007-XWE, free) will be available in October.
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.
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