Vancouver and Hamilton lead the growth in new house prices

The latest New Housing Price Index shows that Vancouver and Hamilton outpaced the rest of Canada in October. The report from Statistics Canada reveals that nationally prices increased by a modest 0.1 per cent, the same as September. Vancouver saw a 0.4 per cent rise; the largest rise in the metropolitan area for more than 4 years; although this is largely down to higher construction costs. Hamilton prices were also up by 0.4 per cent on market conditions and city development charges. The city has seen 9 consecutive months of increases. Calgary’s new homes cost an extra 0.3 per cent with higher labour costs one of the factors. Prices were unchanged in around half of the areas surveyed and new housing was cheaper in St. Catharines-Niagara, Ottawa-Gatineau and Windsor partly due to builders offering deals.