House Prices Canada
April 15, 2012 by staff
House Prices Canada, The following is the text of the new house price index report for February released by Statistics Canada. The New Housing Price Index (NHPI) rose 0.3% in February, following a 0.1% increase in January. The metropolitan region of Toronto and Oshawa was the top contributor to the increase in February. The positive impact of this region on the overall index was slightly offset by the decrease observed in Vancouver.
From January to February, Regina (+2.4%) posted the largest monthly price advance, followed by Halifax (+1.2%) and St. Catharines-Niagara (+1.1%).
In Regina, price increases were primarily the result of higher land development costs as well as increased material and labour costs.
In Halifax and St. Catharines-Niagara, the rise in prices was predominantly explained by higher material and labour costs.
In February, prices were unchanged in 5 of the 21 metropolitan regions surveyed.
The most significant monthly price declines were recorded in Charlottetown (-0.5%) and Saint John, Fredericton and Moncton (-0.4%).
Builders in Charlottetown reported lower negotiated selling prices in February, while those in Saint John, Fredericton and Moncton reduced their prices to stimulate sales as a result of slower market conditions.
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