St. John’s has biggest jump in new housing prices
St. John’s, N.L. saw the largest increase in new housing prices over a one-year period while Edmonton saw a record drop, Statistics Canada reported Friday.
The agency released the New Housing Price Index on Friday, which finds over the period of August 2007 and August 2008, the average cost of a new home in Canada was 2.3 per cent higher.
Meanwhile, prices were virtually unchanged between July and August of 2008.
The cost in St. John’s rose 23.7 per cent as builders reported higher material, labour and land development costs.
On the other end of the scale, Edmonton recorded a 12-month drop of 5.7 per cent; a 23-year low. Neighbouring Calgary registered the lowest annual price change since November of 1991 at a negative 1.1 per cent.
In Montreal, prices increased 5.2 per cent while Toronto had 3.4 per cent spike compared to August of last year. Ottawa-Gatineau posted a 4.1 per cent increase.
Second on the price-hike list was Regina, which registered at 23.1 per cent. However, this came with reports that there was no change no month-to-month change and is down from its record increase of 34 per cent in April of 2008.
Statistics Canada says deceleration continues in Saskatoon’s housing sector. The year-over-year increase was 8.0 per cent, but on a month-over-month basis, new housing prices decreased by 3.1 per cent as builders reported slowing market conditions.
The 12-month increase for Vancouver was 1.5 per cent while on Vancouver Island, contractors’ selling prices dropped in Victoria by 0.3 per cent year-over-year.
According to data from Canada Mortgage and Housing Corp., new home construction was running at an annualized rate of 217,600 units in September; up a slight 200 units from August.
- St. John’s 23.7
- Halifax 7.2
- Charlottetown 1.2
- Saint John, Fredericton and Moncton 3.1
- Québec 6.1
- Montreal 5.2
- Ottawa-Gatineau 4.1
- Toronto and Oshawa 3.4
- Hamilton 2.8
- St. Catharines-Niagara 4.0
- Kitchener 1.9
- London 3.5
- Windsor 0.7
- Greater Sudbury and Thunder Bay 5.9
- Winnipeg 6.7
- Regina 23.1
- Saskatoon 8.0
- Calgary -1.1
- Edmonton -5.7
- Vancouver 1.5
- Victoria -0.3
End of Article.
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Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.All Articles More Like This