Regina's New Housing Prices Up 3.2% In January

by Shayla on Friday March 15, 2013

© Copyright (c) The Regina Leader-Post
Originally published, March 13th, 2013.

REGINA — Regina’s new housing price index (NHPI) increased 3.2 per cent year over year in January, fifth-highest increase in the country, Statistics Canada reported Thursday.

Nationally, the NHPI — which is designed to measure changes in selling prices of similar homes between two time periods — rose 2.2 per cent in the 12 months to January, following a 2.3 per cent increase the previous month.

The main contributor to the advance was the combined metropolitan region of Toronto and Oshawa, where the year-over-year increase in contractors’ selling prices was 4.2 per cent.

In Winnipeg, where the pace of the annual increases has been accelerating over the last several months, year-over-year prices were up 5.9 per cent in January compared with a four per cent advance over the same period in 2012. Other significant year-over-year increases occurred in St. Catharines — Niagara (3.4 per cent), Calgary (3.3 per cent) and Regina, StatsCan said.

But Regina still boasts the largest increase in new home prices since 2007 — a whopping 54.5 per cent, compared with the national average increase of 9.1 per cent. St. John’s, N.L. at 48 per cent and Winnipeg at 33.8 per cent also posted large double-digit increases, while Saskatoon saw a 19.2 per cent increase during the same five-year period.

On a month-to-month basis, StatsCan’s price index for new homes rose 0.1 per cent in January, following a 0.2 per cent increase in December.The federal agency says the metropolitan region of Toronto and Oshawa, as well as the Calgary region, were the top contributors to the increase.Builders cited market conditions as the primary reason for higher prices in Toronto and Oshawa, while increased material and labour costs contributed to higher prices in Calgary.The largest monthly price advance in January occurred in Charlottetown, where prices rose 1.0 per cent as builders returned to list prices after having reported lower negotiated selling prices the previous month.Monthly prices declined 0.2 per cent in Ottawa — Gatineau, as a result of builders offering larger bonus packages to generate interest and stimulate sales.New home prices fell 0.1 per cent in the combined region of Saint John, Fredericton and Moncton, as well as in Kitchener — Cambridge — Waterloo, Edmonton and Vancouver as builders in those areas also reduced prices in an attempt to generate sales.

With CP files

© Copyright (c) The Regina Leader-Post

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Shayla Ackerman Regina Realtor