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The 12-month rate of growth in new housing prices held steady in November

The 12-month rate of growth in new housing prices held steady in November

The 12-month rate of growth in new housing prices held steady in November, the 15th straight month in which the year-over-year growth rate has not increased.

Contractors' selling prices were up 6.1% between November 2006 and November 2007, unchanged from the year-over-year increase in October.

On a monthly basis, prices rose 0.5% between October and November, resulting in a New Housing Price Index of 156.5 (1997=100).

Regionally, Saskatoon continues its dominance in year-over-year inflation, leading the country with a price increase of 47.9%, unchanged from October. The monthly increase showed no change from October.

In Regina, new housing prices were up 0.9% from October, as a result of higher costs for materials and labour. The year-over-year increase was 28.2%, down slightly from its previous measure of 29.5% in October 2007.

For Calgary, prices were 5.0% higher than in November 2006, falling from the 6.2% increase in October. On a monthly basis, Calgary recorded its second straight month of decline as new housing prices fell 0.1%. This decrease comes as some builders reduced pricing to reflect current market conditions in the city.

Edmonton saw prices that were 21.7% higher than in November 2006, down from the high of 42.8% in November 2006. Monthly prices in Edmonton remained unchanged from October.

Winnipeg experienced moderate gains with prices increasing 0.5% from October. The year-over-year rise held steady at 15.4%.

On the West Coast, the 12-month increase for Vancouver was 6.4%, up slightly from 6.2% in October. On a monthly basis, prices in Vancouver rose 0.2% from October as a result of strong market conditions for sellers in the Lower Mainland area.

In Victoria, contractors' selling prices rose 1.2% from November 2006, posting the largest increase since August 2006. Prices were 0.5% higher in November compared with October.

Windsor continues to be the only city in Canada to record year-over-year deflation, with prices falling 1.7% from November 2006. Contractors' selling prices for November remained unchanged from the previous month.

Elsewhere in Ontario, Toronto recorded a moderate increase as new housing prices rose 0.9% from October and 3.4% from November 2006. Hamilton and London also recorded yearly increases of 3.0% and 3.9% respectively.

In Montréal, the 12-month growth rate slowed to 4.1%, where declines attributed to a competitive market were offset by increased construction costs. Meanwhile in Québec, prices increased 6.0% from November 2006 and 1.9% from October 2007.

In the Atlantic region, Halifax saw prices rise 10.4% from November 2006 and 3.5% from October, in the wake of strong demand for new housing, while prices remained unchanged in St. John's (+6.7%) on a 12-month basis.

Available on CANSIM: table 327-0005.

Definitions, data sources and methods: survey number 2310.

The third quarter 2007 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 (              613-951-9606       ; fax: 613-951-1539;, Prices Division.

New housing price indexes


  November 2007 November 2006 to November 2007 October to November 2007
    % change
Canada total 156.5 6.1 0.5
House only 166.5 5.8 0.5
Land only 136.8 6.7 0.4
St. John's 141.1 6.7 0.6
Halifax 145.1 10.4 3.5
Charlottetown 119.1 0.9 0.8
Saint John, Fredericton and Moncton 114.9 1.1 0.0
Québec 151.3 6.0 1.9
Montréal 156.5 4.1 0.5
Ottawa–Gatineau 162.3 0.6 0.0
Toronto and Oshawa 143.5 3.4 0.9
Hamilton 149.4 3.0 0.2
St. Catharines–Niagara 151.0 2.6 -0.6
Kitchener 139.4 1.4 0.0
London 139.5 3.9 0.4
Windsor 102.6 -1.7 0.0
Greater Sudbury and Thunder Bay 108.7 5.6 0.8
Winnipeg 171.2 15.4 0.5
Regina 204.4 28.2 0.9
Saskatoon 213.9 47.9 0.0
Calgary 250.0 5.0 -0.1
Edmonton 249.2 21.7 0.0
Vancouver 123.5 6.4 0.2
Victoria 119.0 1.2 0.5
Note: View the census subdivisions that comprise the metropolitan areas online.

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Québec Landlords Association (1)

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