Tuesday, December 12, 2006

Prices of New Homes in Canada Inched Up

Housing prices in Calgary, Victoria, Toronto and Windsor fell during the month of October.

Prices of new homes in Canada inched up 0.2 % in October from September, the smallest monthly increase since July 2005.

Prices rose in 11 of 21 Canadian cities and fell in 6, including in Calgary, where an economic boom has caused new housing prices to jump 53.5 % in the year. This was Calgary's first monthly decrease in almost two years.

Edmonton led the way with new home prices climbing by 2.2 %. Winnipeg also saw a significant increase of 0.6 %. Increased materials and land costs helped to drive the overall number for October up by 0.2 %.

Higher costs for construction materials, labor and an active housing market continued to drive prices.


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