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New Housing Price Index
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The New Housing Price Index increased year-over-year by 0.7% in November, a slower pace than the 1.5% advance recorded in October and the smallest 12-month increase recorded since August 1999.
Prices decreased 0.3% between October and November, resulting in a New Housing Price Index of 157.6 (1997=100). This was the second consecutive monthly decrease at the Canada level.
The largest year-over-year increase was registered in St. John's (+25.6%). This city also registered the largest monthly increase (+3.4%) as builders reported higher costs for materials and labour.
Regina, which registered no change between October and November, posted the second highest 12-month increase (+21.7%) among surveyed cities.
In Saskatoon, prices roses 2.7% year-over-year, again confirming a trend of deceleration in this city. On a month-over-month basis, new housing prices decreased 0.5% as some builders in this city reported reduced prices charged by sub-contractors.
Significant 12-month declines were recorded in both Edmonton (-7.9%) and Calgary (-2.5%). The year-over-year decrease recorded in Edmonton was the largest since May 1985, while the drop in Calgary was the largest since November 1991. On a monthly basis, prices fell 0.3% in Edmonton and 1.1% in Calgary.
On the West Coast, Vancouver posted a year-over-year decline of 2.3%, the largest 12-month decrease since November 1999. Vancouver also recorded a decrease of 1.7% on a monthly basis. In Victoria, contractors' selling prices fell 2.4% year-over-year, and this city recorded a monthly decline of 0.9%.
Compared with November 2007, contractors' selling prices were 4.3% higher in Ottawa–Gatineau and 2.0% higher in Toronto and Oshawa.
In Québec, the 12-month growth rate was 5.4%, while in Montréal, prices increased 4.6%.
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 February.
For more information, or to enquire about the concepts, methods or data quality of this release, contact Client Services (toll-free 1-866-230-2248; 613-951-9606; fax: 613-951-2848; prices-prix@statcan.gc.ca), Prices Division.
Table 1
New housing price indexes
