New Home Prices Up: Stats Can

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According to the latest release of the New Home Price Index from Statistics Canada, new home prices went up in June, led mostly by a rise in the Toronto and Oshawa areas.

Stats Can’s key index went up 0.3% in June, building on a gain of 0.4% in May.  Prices in the Toronto- Oshawa region, driven in large part by an increase in demand, went up by 0.8%, followed closely by Winnipeg, where new home prices went up by 0.7%. Winnipeg builders cited an increase in material costs as the main driver for the increase.

The index looked at 21 different metropolitan areas. Of those 21 areas, there were 10 where prices remained unchanged.

Calgary experienced the biggest drop, as they are still dealing with a surplus of inventory.  Builders are offering incentives to try to drum up business.

Year-over-year the index is up by 2.1% in June, building on a gain of 1.9% in May.

Year-over-year, Toronto-Oshawa led the way for price increases with prices going up by  4.7 %, followed by Winnipeg at 4.4 %.

Year-over-year, the biggest declines were reported in Windsor, with a drop of 4.3 %. Prices in Victoria fell by 1.7 %.

Contractors in many regions reported increases from June 2010- St. John’s (4.3%), Regina (3.9%), Kitchener-Cambridge-Waterloo (3.6%) and Montreal (3.4%).

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We incorporated The Mortgage Centre-Sky Financial Corp. in August 1992 in Edmonton Alberta. Furthermore we opened offices in Fort McMurray, Cold Lake, Grande Prairie, Red Deer, Stettler, Saskatoon, Moose Jaw and Prince George BC.

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