July New Housing Price Index

Statistics Canada has released the New Housing Price Index for July.

Once again, Victoria is showing some of the slowest month over month and year over year new house price gains. For the period of July 2006 to July 2007, Victoria had a 1.1% change in the new house price index. Tops was Saskatoon at 51.4%.

"For Canada, the pace of growth in new housing prices slowed for the 11th consecutive month in July. It went from 7.8% in June to 7.7% in July.

Saskatoon set a record high year-over-year increase for the fifth consecutive month. Prices in Winnipeg were 15.7% higher than in July 2006 in the wake of land shortages and development costs. New housing prices in Edmonton continued to increase at a fast pace with a year-over-year increase of 38.4%, due to hikes in land values from developers."

Go figure.