New Housing Price Index

The New Housing Price Index increased 2.1% in September on a year-over-year basis, a slower pace than the 2.3% advance in August.

On a monthly basis, prices rose 0.1% between August and September, resulting in a New Housing Price Index of 158.7 (1997=100).

The largest year-over-year increases were in St. John's and Regina, both with increases of 22.7%. However, both of these cities registered no monthly change in September. Also, both cities were down from record highs in 2008, with Regina down from its peak of 34.0% in April and St. John's down from 24.3% in July.

In Saskatoon, the year-over-year increase was 5.5%, once again confirming a trend of deceleration in this city. On a month-over-month basis, new housing prices decreased 2.1% as Saskatoon builders continued to report difficult market conditions.

Edmonton recorded a 12-month drop of 5.8%, which was the largest annual decline since July 1985, while prices in Calgary declined 1.2%.

On the West Coast, the 12-month increase for Vancouver was 1.4%. In Victoria, contractors' selling prices increased 0.2% year-over-year, up from a 0.3% decline in August.

Compared with September 2007, contractors' selling prices were 4.3% higher in Ottawa–Gatineau and 3.0% higher in Toronto and Oshawa.

In Québec, the 12-month growth rate was 6.1%, while in Montreal, prices increased 4.8%.

Available on CANSIM: table 327-0005.

Definitions, data sources and methods: survey number 2310.

The third quarter 2008 issue of Capital Expenditure Price Statistics (62-007-XWE, free) will be available in January 2009.

For more information, or to enquire about the concepts, methods or data quality of this release, contact Client Services (613-951-9606; toll-free 1-866-230-2248; fax: 613-951-1539; prices-prix@statcan.gc.ca), Prices Division.

Table(s).