Contractors selling prices decreased 0.5% in March compared with a 0.7% decline in February. This resulted in a New Housing Price Index of 154.6 (1997=100).
Between February and March, prices declined by 1.2% in Calgary and Edmonton, followed by Vancouver (-1.1%) and Victoria (-0.9%). In Calgary and Edmonton, declines were attributed to lower material and labour costs and lower lot prices from developers. In Vancouver and Victoria, builders reported lower prices due to competition and slow market conditions.
Prices also declined in St. Catharines–Niagara (-0.9%), Saskatoon (-0.7%), Charlottetown (-0.4%), Toronto (-0.3%) and Hamilton (-0.2%).
In St. John's, new housing prices increased by 0.4% compared with February, followed by Montréal (+0.3%) and Québec (+0.1%).
The New Housing Price Index decreased by 2.4% in March compared with the same month a year earlier. This was the third consecutive year-over-year decline at the Canada level as a result of lower prices in most surveyed cities.
On the Prairies, 12-month declines were recorded in Edmonton (-12.3%), Saskatoon (-11.2%) and Calgary (-8.7%).
On the West Coast, Vancouver (-7.8%) and Victoria (-6.6%) each posted year-over-year declines.
Among surveyed cities, the largest year-over-year increases were in St. John's (+20.8%) and Regina (+12.8%).
In Québec, the 12-month growth rate was 8.1%, while in Montréal prices increased 3.5%.
Compared with March 2008, contractors' selling prices were 4.1% higher in Winnipeg and 3.9% higher in Saint John, Fredericton and Moncton.
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The first quarter 2009 issue of Capital Expenditure Price Statistics (62-007-X, free) will be available in July.
For more information, or to enquire about the concepts, methods or data quality of this release, contact Client Services (