New home prices still rising ... barely
Last Updated: Thursday, February 10, 2011 | 10:42 AM ET
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On a year-over-year basis, new home prices were up 2.1 per cent nationally in December, down slightly from November's 2.3 per cent rate.
(CBC)New housing prices edged up 0.1 per cent in December, led by gains in Winnipeg, Halifax, Toronto and Oshawa, Statistics Canada reported Thursday.
That compared with a rise of 0.3 per cent in the agency's new housing price index in November.
New home prices in December experienced a 1.1 per cent monthly rise in Winnipeg because of new building code regulations in Manitoba.
Higher labour and building material costs led to a monthly rise of 0.3 per cent for new homes in Halifax. In Toronto and Oshawa, the monthly increase was 0.2 per cent.
Windsor, Ont., recorded the biggest monthly drop in new home prices in December (0.6 per cent) as builders offered incentives to stimulate sales.
Resource boom drives St. John's housing higher
On a year-over-year basis, new home prices were up 2.1 per cent nationally in December, down slightly from November's 2.3 per cent rate.
The largest year-over-year increase was recorded in St. John's — 7.9 per cent. StatsCan says energy and mining development contributed to increased demand for new housing.
Above-average price growth was also noted in Regina (6.0 per cent), Winnipeg (5.9 per cent) and Ottawa–Gatineau (4.5 per cent).
Windsor was among five metropolitan areas which registered year-over-year declines in new home prices, with average prices dropping 3.7 per cent in the border city.
Charlottetown, Sudbury-Thunder Bay, St. Catharines-Niagara, and Victoria recorded smaller annual price drops.
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