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Canada. Contractors' Selling Prices rise

Contractors' selling prices rose 0.5% in September following a 0.1% increase in August. This was the largest month-over-month increase since January 2008 (+0.6%).

Between August and September, prices increased the most in Vancouver (+1.4%), followed by Ottawa–Gatineau (+1.0%), Calgary (+0.6%), Toronto and Oshawa (+0.5%) as well as Saskatoon (+0.5%).

In Vancouver, prices continued to increase as some builders moved to new phases of development. Others raised their list prices as consumer interest increased and market conditions continued to improve.

In Ottawa–Gatineau and Toronto and Oshawa, many builders pushed up their prices due to prevailing good market conditions in those cities.

In Calgary, some builders increased their prices either due to higher labour costs or to moving to new phases with higher development costs. In addition, several builders have slowly raised their prices because of an improved new housing market.

The largest monthly decrease in new housing prices was recorded in Windsor (-0.7%), where some builders reported lower negotiated selling prices this month.

Monthly declines were also observed in Greater Sudbury and Thunder Bay (-0.5%), Victoria (-0.2%) and Edmonton (-0.1%).

12-month change: Western Canada declines continue in the New Housing Price Index

Year over year, the New Housing Price Index was down 2.7% in September, following a 3.1% decline in August. The largest declines continued to be in Western Canada.

On the Prairies, 12-month declines were recorded in Edmonton (-11.4%), Calgary (-6.4%) and Saskatoon (-5.1%).

On the West Coast, Victoria (-10.4%) and Vancouver (-6.4%) also posted year-over-year declines.

Among surveyed cities, the largest year-over-year increase was again registered in St. John's (+7.5%). An increase in net migration in 2008/2009 in Newfoundland and Labrador, coupled with a strong economy, has kept demand for new housing high in that province.

On a year-over-year basis, prices in Québec (+6.3%) and in Saint John, Fredericton and Moncton (+3.1%) also increased. Contractors' selling prices were also higher in Regina (+1.8%), Charlottetown (+1.7%) and Winnipeg (+1.4%).
© Statistics Canada -

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