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Spiralling cost of land raises new home prices

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The cost of a new home in Winnipeg rose at one of the fastest paces in the country in April, new Statistics Canada figures show.

The agency said today that Winnipeg’s new housing price index rose 0.6 per cent from March to April. That was the third biggest month-over-month gain after St. John’s 1.0 per cent and Hamilton’s 0.8 per cent.

And for the fifth consecutive month, Winnipeg also had the highest year-over-year increase, with new-home prices up 5.5 per cent from April of last year. The next biggest year-over-year increase among the 21 cities surveyed was Calgary’s 4.7 per cent.

Statistics Canada said earlier this year the spiralling cost of land was the main driving forces behind rising new home prices in Winnipeg.

Nationally, the month-over-month new housing price increase was 0.2 per cent, while the year-over-year gain was 2.0 per cent.

 

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