Saskatoon leads nation for increases in new house prices in 2007

The cost of building a new home in Canada increased 6.2%, year over year, according to the New House Price Index Report (no longer available) released today by Statistics Canada.

“Regionally, prices again rose at the fastest pace in Saskatoon, which led the nation with an annual price increase of 45.1%. On a month-over-month basis, housing prices rose 1.0% between November and December in Saskatoon. A number of factors were behind the gain, including increased costs for concrete and drywall, as well as higher land development costs reported by some builders,” says the Statscan report.

Windsor, where the cost to build a new home decreased by 1.1% from December 2006 was the only Canadian market to experience a decline over the last year.

Price increases across Canada came in as follows:

Regina – 25.9%

Calgary – 6%

Edmonton – 21.5%

Winnipeg – 15%

Vancouver – 6.4%

Victoria – 1.6%

Toronto – 3.4%

Thunder Bay – 5.9%

London – 3.1%

Hamilton – 2.8%

St. Catherines-Niagara - .3%

Montreal – 4.1%

Halifax – 10.4%

St. John’s – 7.9%

Thanks to Jedi who posted this link to the CBC coverage.

Thanks also to St. John’s blogger Stephen Winters for sending me this link to the Globe’s coverage.

I’m always happy to answer your Saskatoon real estate questions. 

All of my contact info is here. Please feel free to call or email.

Norm Fisher Royal LePage Vidorra