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Land costs pushing prices up for new homes
Statistics Canada noted the pace of annual increases in new home prices has been accelerating over the last several months in Winnipeg. (KEN GIGLIOTTI / FREE PRESS ARCHIVES)
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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