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New Housing Price Index, June 2012

New Housing Price Index, June 2012

The New Housing Price Index (NHPI) rose 0.2% in June, following a 0.3% increase in May.

Chart 1 
New Housing Price Index
Chart 1: New Housing Price Index
The combined metropolitan regions of Toronto and Oshawa, as well as Calgary, were the top contributors to the advance.

In Toronto and Oshawa, market conditions and higher land prices were the predominant factors. In Calgary, builders reported that increased material and labour costs as well as improving market conditions were the main reasons for higher prices.

The metropolitan region of Kitchener–Cambridge–Waterloo (+1.7%) posted the largest monthly price advance in June, followed by Winnipeg (+0.7%) and Victoria (+0.6%).

In Kitchener–Cambridge–Waterloo, as well as Victoria, price increases were primarily the result of changed market conditions. In Victoria, it was the first monthly rise in prices since July 2011 and the largest since November 2007, when prices also rose 0.6%.

Higher land prices were the main reason for the increase in Winnipeg.

Prices were unchanged in 6 of the 21 metropolitan regions surveyed in June. Monthly prices declined 0.4% in the aggregated metropolitan regions of Sudbury and Thunder Bay and fell 0.1% in Halifax, as some builders reduced their prices to stimulate sales.

Chart 2 
Toronto and Oshawa posts the highest year-over-year price increase
Chart 2: Toronto and Oshawa posts the highest year-over-year price increase
On a year-over-year basis, the NHPI rose 2.3% in the 12 months to June, following a 2.4% increase the previous month. The main contributor to the advance was the combined metropolitan regions of Toronto and Oshawa.

The largest year-over-year increases in contractors' selling prices occurred in Toronto and Oshawa (+5.0%), Regina (+4.7%) and Winnipeg (+4.4%).

Other significant year-over-year increases occurred in Kitchener–Cambridge–Waterloo (+3.6%) and Québec (+3.1%).

Among the 21 metropolitan regions surveyed, 3 posted 12-month price declines in June. The largest decrease was in Victoria (-2.6%).

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Québec Landlords Association (1)

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