Home Prices Increased

May 13, 2010

Home Prices Increased
photo by Edward Simpson

Another month of rising home prices in Canada! As Statistics Canada announced on Wednesday, the prices for new homes in our country increased by 0.3 percent in March 2010, which is a 0.1 percent higher rise than February. The new house price index was up in March, too. It grew by 1.6 percent from March 2009. That is a 0.7 percent higher rise than the annual rise in February.

The most significant month-to month rises, were recorded in London (1.7 percent), Montreal, Kitchener (both 1 percent), Saskatoon and Vancouver (both 0.5 percent). As for annual growth, it was the strongest in St. John’s (5.1 percent), Winnipeg (4.5 percent), Vancouver (4.3 percent), London (4.2 percent), Quebec City (3.4 percent) and Ottawa-Gatineau (3.3 percent). Out of 21 analyzed regions, an annual drop in property prices were only reported in three areas – Victoria (-4.6 percent), Edmonton (-2.4 percent) and Charlottetown (-1.2 percent).

I don’t think the growth is surprising at all. It actually corresponds to the growth, economists have expected. I can’t wait for the April and May results.

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