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New-home prices 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 Winnipeg’s new housing price index in December was up 2.9 per cent from a year earlier.

"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 month-over-month increase was 0.1 per cent.

Although it was Winnipeg’s smallest annual gain in more than four years, it was still a bigger price hike than in most of the other 20 Canadian metropolitan areas covered in the Statistics Canada report. The only one with a bigger price gain was Regina, at 3.5 per cent.

For the year 2013, Winnipeg’s annual average increase was 4.9 per cent. Statistics Canada said local homebuilders cited higher labour and building material costs as the primary contributing factors to the rise in new-home prices.

Nationally, Canada’s housing-price index was also up 0.1 per cent from November, and up 1.3 per cent from December 2012. It was the fifth consecutive month of slowing growth.

For 2013, Canada’s average annual increase was 1.8 per cent, the agency said. That was down from 2.4 per cent in 2012.

 

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