Winnipeg Free Press - PRINT EDITION

New-home prices continued to slow in December

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The pace of growth in new-home prices continued to slow in December as Winnipeg posted its smallest annual price increase in more than four years.

Statistics Canada said Thursday Winnipeg's new-housing price index in December was up 2.9 per cent from 2012.

"This marked the smallest annual price gain in Winnipeg since January 2010 as the pace of growth in new-home prices has been slowing since August," the agency said. The increase from November to December was 0.1 per cent.

Although December's year-over-year increase was Winnipeg's smallest 12-month gain in more than four years, Statistics Canada said it was still the second-biggest price hike among the 21 Canadian metropolitan areas surveyed. The only one with a larger increase was Regina at 3.5 per cent.

Statistics Canada also released the annual average increase in home prices for 2013 on Thursday. They showed Winnipeg had the second-highest average increase among the 21 metropolitan areas, at 4.9 per cent. That was up from 4.2 per cent in 2012.

Calgary had the highest increase last year, at 5.3 per cent.

"Builders in both cities cited higher material and labour costs as well as higher land prices as the primary factors contributing to the price increases," the agency said.

Manitoba Home Builders Association president Mike Moore said the main reason new-home prices have been rising at a slower pace since last August is the cost of building materials also has been rising at a slower pace.


-- Murray McNeill

Republished from the Winnipeg Free Press print edition February 14, 2014 B6

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