New home prices continue rise

The agency said the increas was driven by gains in the combined metropolitan region of Toronto and Oshawa, where the year-over-year increase in contractors' selling prices was 4.2 per cent.

Other major gainers included Winnipeg (5.9 per cent year-on-year), St. Catharines-Niagara (3.4 per cent), Calgary (+3.3 per cent) and Regina (3.2 per cent).

Among the 21 metropolitan regions surveyed, four posted year-on-year price declines, Statcan said. The largest drop was in Victoria (2.2 per cent), followed by Vancouver (0.9 per cent), where there have year-over-year decreases for the past four years. The agency said Vancouver has now registered 12 consecutive months of annual declines.
The two other decliners were on the East Coast, namely, Charlottetown (0.6 per cent) and the combined area of New Brunswick’s Saint John, Fredericton and Moncton (0.5 per cent).

Month-to-month, the index was up 0.1 per cent in January, following a 0.2 per cent increase in December, with Toronto/Oshawa and Calgary being the top contributors to the advance. Statscan said builders had indicated that market conditions were the primary reason for higher prices in Toronto and Oshawa, while increased material and labour costs contributed to higher prices in Calgary.

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