CANADIAN IMMIGRATION NEWS

Edmonton surpasses Calgary as Canada's housing price hotbed

Thursday, 12 April 2007

Edmonton surpasses Calgary as Canada's housing price hotbed

Home price peak Edmonton surpasses Calgary as Canada's housing price hotbed Mario Toneguzzi, Calgary Herald Published: Thursday, April 12, 2007 For the first time since November 2005, Calgary does not lead the country in year-over-year price gains for the new home market. Statistics Canada data released Thursday shows that Calgary had led Canada for 15 consecutive months but that changed in February with Edmonton posting the largest 12-month increase at 42.5 per cent. Calgary’s 12-month increase, as recorded in the New Housing Price Index, was 37.8 per cent. Nationally, contractors’ selling prices rose by 10 per cent in the past year. Calgary for sale Email to a friend Printer friendly Font: ****On a monthly basis, Calgary experienced no change in new home prices between January and February while in Canada prices rose by 0.5 per cent. There is no central data putting together actual average selling prices for new homes. But Canada Mortgage and Housing Corporation keeps track of what it calls the “absorbed price,” which is recorded when a new home is completed and moved into. However, that price reflects when the new home was actually sold to the buyer, which in today's market can be as long as a year earlier. The March absorbed price in the Calgary Census Metropolitan Area was $423,711. The federal agency said prices increased on a monthly basis in 10 of the 21 metropolitan areas with Regina leading the way at 4.7 per cent “as it experienced prolonged construction times due to brisk sales.” Quebec and Edmonton followed at 2.7 per cent each. “Costs for construction materials, labour rates and higher lot values were contributing factors in all three metropolitan areas,” said Statistics Canada. Besides Edmonton and Calgary, year-over-year price gains were notable in Saskatoon (16.1 per cent), Regina (13.5 per cent), Winnipeg (7.9 per cent) and Vancouver (six per cent). mtoneguzzi@theherald.canwest.com other stories