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Contractors selling prices decreased 0.1% in May following a 0.6% decline in April.
Between April and May, prices declined the most in Saskatoon (-1.2%) followed by Hamilton (-1.1%) and Edmonton (-0.9%). In Saskatoon, a number of builders reported reduced material and labour costs while other builders have lowered their prices to be more competitive and to encourage sales.
In Hamilton, several builders offered free upgrades, incentives and cash bonuses in order to increase sales during a period of less favourable market conditions.
Prices declined 0.3% in Toronto and Oshawa as well as in Victoria. In Toronto and Oshawa, the declines were explained by lower selling prices, while in Victoria, builders reduced their prices as a result of continuing slow market conditions.
The largest monthly increase in new housing prices was recorded in Québec (+0.5%), followed by 0.4% increases in Charlottetown, Kitchener and Vancouver. Winnipeg (+0.3%) and Montréal (+0.2%) also saw monthly increases.
The New Housing Price Index decreased year-over-year by 3.1% in May, again due primarily to declines in Western Canada.
On the Prairies, 12-month declines were recorded in Saskatoon (-13.4%), Edmonton (-11.7%) and Calgary (-7.9%).
On the West Coast, Vancouver (-8.3%) and Victoria (-6.7%) also posted year-over-year declines.
Among surveyed cities, the largest increase between May 2008 and May 2009 was registered in St. John's (+12.9%). Demand for housing in this city remains constant, due in most part to the continued strength of the local economy.
In Québec, the 12-month growth rate was 7.2%, while in Montréal, prices increased 2.0%. Increased land development costs and the diminishing number of available lots have increased the value of land in Québec.
Compared with May 2008, contractors' selling prices were 4.1% higher in Saint John, Fredericton and Moncton. Regina (+4.0%) and Winnipeg (+2.4%) also posted increases.
Available on CANSIM: table 327-0005.
Definitions, data sources and methods: survey number 2310.
The first quarter 2009 issue of Capital Expenditure Price Statistics (62-007-X, free) will be available soon.
For more information, or to enquire about the concepts, methods or data quality of this release, contact Client Services (613-951-9606; toll-free 1-866-230-2248; fax: 613-951-3117; prices-prix@statcan.gc.ca), Producer Prices Division.
May 2009 | May 2008 to May 2009 | April to May 2009 | |
---|---|---|---|
(1997=100) | % change | ||
Canada total | 153.5 | -3.1 | -0.1 |
House only | 160.8 | -4.2 | -0.1 |
Land only | 138.1 | -1.1 | -0.4 |
St. John's | 180.3 | 12.9 | 0.0 |
Charlottetown | 121.0 | 1.3 | 0.4 |
Halifax | 150.5 | 1.1 | 0.0 |
Saint John, Fredericton and Moncton | 120.6 | 4.1 | 0.1 |
Québec | 165.6 | 7.2 | 0.5 |
Montréal | 165.2 | 2.0 | 0.2 |
Ottawa–Gatineau | 169.6 | 1.4 | 0.0 |
Toronto and Oshawa | 144.6 | -0.8 | -0.3 |
Hamilton | 149.1 | -2.7 | -1.1 |
St. Catharines–Niagara | 155.5 | -1.1 | 0.0 |
London | 144.4 | 1.5 | 0.0 |
Kitchener | 142.7 | 0.4 | 0.4 |
Windsor | 103.7 | 0.1 | 0.0 |
Greater Sudbury and Thunder Bay | 112.7 | -0.2 | 0.0 |
Winnipeg | 182.0 | 2.4 | 0.3 |
Regina | 250.9 | 4.0 | 0.0 |
Saskatoon | 210.3 | -13.4 | -1.2 |
Calgary | 229.1 | -7.9 | 0.0 |
Edmonton | 209.2 | -11.7 | -0.9 |
Vancouver | 114.0 | -8.3 | 0.4 |
Victoria | 110.4 | -6.7 | -0.3 |