Canada's new housing price index rose 0.3 per cent in November after a 0.1 per cent advance in October.
Statistics Canada said prices increased the most in St. John's, N.L. (up 4.2 per cent), followed by Ottawa-Gatineau (1.6) and Halifax (1.2).
In St. John's, prices rose as a result of increased labour costs and higher land development fees, while increases in material and labour costs were the main factors in Ottawa-Gatineau and Halifax.
The largest price declines were recorded in the Ontario cities of Windsor (down 1.8 per cent) and St. Catharines-Niagara (down 1.1), followed by Charlottetown and Victoria (both down 0.4).
The agency says some builders in Windsor and in St. Catharines-Niagara lowered their prices to generate sales while others offered discounts and bonus incentive packages in November.
Year-over-year, the new housing price index was up 2.3 per cent in November after a 2.5 per cent increase in October.
Read more: http://www.cbc.ca/money/story/2011/01/12/new-home-prices-november.html#ixzz1Ari489ze
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