New Housing Price Index

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Contractors selling prices declined 0.1% between November and December, resulting in a New Housing Price Index of 157.4 (1997=100). This was the third consecutive monthly decrease at the Canada level.

New housing prices fell by 0.7% in Saskatoon in December, as some builders in the city reported reduced labour costs.

Between November and December, prices declined by 1.3% in Calgary and 0.3% in Edmonton.

Monthly prices increased by 0.2% in Ottawa–Gatineau in December, while they remained unchanged in Toronto and Oshawa, Québec, Montréal and Vancouver.

On a year-over-year basis, the New Housing Price Index increased by 0.4% in December, a slower pace than the 0.7% advance recorded in November.

Among surveyed cities, the largest year-over-year increase was registered in St. John's (+24.4%) followed by Regina (+21.7%).

Chart 1

In Québec, the 12-month growth rate was 5.4%, while in Montréal, prices increased by 4.6%.

Compared with December 2007, contractors' selling prices were 4.5% higher in Ottawa–Gatineau and 1.9% higher in Toronto and Oshawa.

In Saskatoon, prices rose 0.9% year-over-year, confirming a continuing trend of deceleration in this city.

Edmonton (-8.2%) and Calgary (-4.3%) also recorded 12-month declines, a result of slow market conditions in both cities.

On the West Coast, Vancouver (-2.3%) and Victoria (-2.9%) posted year-over-year declines. This was the third consecutive month of year-over-year decreases for both cities.

Chart 2

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 soon be available.

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: 613-951-2848; prices-prix@statcan.gc.ca), Prices Division.