Price of New Homes in Canada

By Elli Davis, December 11, 2009

According to today’s announcement of Statistics Canada, new home prices in the country increased by 0.3 percent in October from September. Actually, this is already the fourth consecutive gain, as the monthly index has been rising since July.

The biggest gains were reported in Quebec City, where they were as high as 1.1 percent. Second place belongs to Vancouver with 0.7 percent increase. The BC metropolis was followed by Sudbury and Thunder Bay, Ontario, in both of which the gains were 0.5 percent.
Some cities achieved a quite opposite result, though. For example in Edmonton, the monthly decrease in new housing prices is 0.3 percent. In Charlottetown, the decline is even higher – it goes up to 0.7 percent.

If we consider the housing only component, the index increased by 0.4 percent and the cost of land decreased by 0.1 percent during the month. When comparing years 2008 and 2009, it needs to be said that the index is down by 2.1 percent this October.

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