New Housing Price Index

Contractors' selling prices decreased 0.6% between December and January, a slightly faster pace than the 0.1% decline observed the previous month. This resulted in a New Housing Price Index of 156.4 (1997=100).

Between December and January, prices declined 2.8% in Edmonton, followed by Calgary (-2.1%), Victoria (-1.1%) and Vancouver (-0.7%). Builders in all four cities report difficult market conditions.

In Saint John, Fredericton and Moncton, new housing prices increased 1.4% from a month earlier, as builders increased their list price or returned to list price after reporting lower negotiated prices in previous months.

In both St. John's and Saskatoon, prices increased 0.8% from a month earlier while Québec posted a monthly increase of 0.6%.

The New Housing Price Index decreased by 0.8% in January compared with the same month a year earlier. This was the first year-over-year decrease at the Canada level since January 1997.

In the Prairie region, 12-month declines were recorded in Edmonton (-10.4%), Calgary (-6.5%) and Saskatoon (-2.7%).

On the West Coast, Victoria (-4.2%) and Vancouver (-3.2%) each posted year-over-year declines.

Chart 1

Among surveyed cities, the largest year-over-year increase was registered in St. John's at 24.1%, followed by Regina at 21.7%.

In Québec, the 12-month growth rate was 5.7%, while in Montréal prices increased 3.8%.

Compared with January 2008, contractors' selling prices were 5.2% higher in Winnipeg, and 3.3% higher in Ottawa–Gatineau.

Chart 2

Available on CANSIM: table 327-0005.

Definitions, data sources and methods: survey number 2310.

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

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: 613-951-3117; prices-prix@statcan.gc.ca), Prices Division.