New Housing Price Index (November 2010)

Published on by Association des Propriétaires du Québec

Topic(s): Real estate

Source: Statistics Canada

New Housing Price Index (November 2010)

The New Housing Price Index (NHPI) rose 0.3% in November following a 0.1% advance in October.

The top contributors to the NHPI monthly increase in November were Toronto and Oshawa, as well as Ottawa–Gatineau.

Between October and November, prices increased the most in St. John's (+4.2%) followed by Ottawa–Gatineau (+1.6%) and Halifax (+1.2%).

In St. John's, prices rose as a result of increased labour costs and higher land development fees.

In Ottawa–Gatineau as well as in Halifax, the increase was mostly a result of increased material and labour costs.

The largest price declines were recorded in Windsor (-1.8%) and St. Catharines–Niagara (-1.1%), followed by Charlottetown and Victoria (both down 0.4%).

In Windsor and in St. Catharines–Niagara, some builders lowered their prices in order to generate sales while others offered discounts and bonus incentive packages in November.

Year-over-year, the NHPI was up 2.3% in November following a 2.5% increase in October.

The main contributors to the year-over-year increase of the NHPI in November were the metropolitan regions of Toronto and Oshawa, of Montréal and of Ottawa–Gatineau.

The largest year-over-year increase was recorded in St. John's (+8.6%), followed by Regina (+6.0%) and Ottawa–Gatineau (+5.4%).

Compared with November 2009, contractors' selling prices were also higher in Winnipeg (+5.1%), as well as in Montréal and Saskatoon (both up 4.0%).

Among the 21 metropolitan areas surveyed, 5 registered 12-month declines in November: Windsor (-3.1%) followed by Charlottetown (-2.0%), Greater Sudbury and Thunder Bay (-1.2%), St. Catharines–Niagara and Victoria (both down 1.1%).

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