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Land costs pushing prices up for new homes

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The rising cost of developed land continues to drive up the cost of a new home in Winnipeg at one of the fastest paces in the country, Statistics Canada said today.

The agency said the cost of buying a new home jumped by 0.9 per cent from December to January, and was also up 5.9 per cent from a year earlier.

The month-over-month gain was the second biggest among the 21 metropolitan areas surveyed, while the year-over-year increase was the largest, the agency’s new housing price index figures show.

"According to builders, the increases in Winnipeg were primarily a result of higher costs for developed land," the agency said.

That’s the same reason builders gave last month for a 0.8 per cent price increase from November to December.

Statistics Canada noted the pace of annual increases has been accelerating over the last several months in Winnipeg. The year-over-year increase in December was 5.0 per cent.

Nationally, Canada’s new housing price index inched up by a modest 0.1 per cent from December to January. The year-over-year increase was 2.2 per cent.

murray.mcneill@freepress.mb.ca

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