Home prices remain steady across Canada

Home prices remain steady across Canada

Home prices remain steady across Canada

Statistics Canada released its newest New Housing Price Index for September, which remained unchanged over-over-year and followed only a slight -- 0.1 per cent – increase in August.

Calgary lead the way in terms of markets that saw an monthly price increase; bolstered, in large part, by the rising material, labour costs and land development costs. Prices in Calgary have been increasing since December 2011 and the city saw an increase of 0.5 per cent in September.

Other major markets that experienced price hikes are London (0.3 per cent) and Halifax (0.2 per cent).

Meanwhile, two Ontario/Quebec markets – Ottawa-Gatineau and Montreal -- saw a 0.1 drop.

As for year-over-year changes, the country experienced the lowest annual increase in over three years.

“On a year-over-year basis, the NHPI rose 1.6% in the 12 months to September — the smallest annual increase since February 2010,” the report stated. “Year-over-year growth in new housing prices has been slowing since the latter part of 2012.”

Again, Calgary lead the way with a 6.3 per cent jump year-over-year; trailed by Toronto and Oshawa at 1.7 per cent.

“Year-over-year prices continued to accelerate in Calgary — the increase in September was the largest since July 2007 — while annual price increases in the Toronto and Oshawa region have been trending downward since the start of 2013,” the report stated.

Other major regions enjoying year-over year growth were Winnipeg (4.6 per cent), St. Catherines-Niagara (3.2 per cent) Regina (2.6 per cent), Hamilton (2.5 per cent) and Halifax (2.5 per cent).

Canada, as a whole, experienced a 1.6 per cent year-over-year new home pricing increase.