New Home Prices in February

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April 15, 2010

Up Down Turn Around by Brian K

New home prices in Canada increased by 0.1 percent from January to February, Statistics Canada announced in Ottawa. The year-over-year rise of new home prices was 0.9 percent. Even though the February increase is actually the eighth one in a row, if compared to January, its pace has slowed down. Economists had expected a higher growth, of about 0.4 percent.

The most significant rise of new home prices, of 2 percent, was reported in Regina. Winnipeg and London were slightly behind, with a 1.9 percent increase recorded in both. In Ottawa-Gatineau, new home prices rose by 0.6 percent from January to February. St. John’s registered the biggest increase from February 2009, of 5.5 percent.

On the other hand, Toronto and Oshawa were not very successful, as the new home prices dropped by 0.7 percent in both. The prices dropped in Charlottetown by 0.5 percent. The Toronto results were a little surprising as I didn’t expect a drop, due to the fact average home prices keep on increasing here.