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GTA comes out on top in Stats Can housing price index

The GTA has come out on top in Statistics Canada’s latest new housing price index, with prices rising 5.2 per cent in July compared with a year earlier.

Statscan said the “Toronto and Oshawa” area was no. 1 while Winnipeg came in second with a 4.3 per cent increase over July 2010.

According to StatsCan, “builders in the metropolitan region of Toronto and Oshawa cited good market conditions as the main reason for the price increase.”

Nationally, the index was up 2.3 per cent in July following a 2.1-per-cent jump in June.

The New Housing Price Index measures changes over time in the selling prices of new residential houses in 21 metropolitan areas. The other Ontario regions are Hamilton, London, St. Catharines-Niagara, Kitchener-Cambridge-Waterloo, Greater Sudbury and Thunder Bay, Windsor and Ottawa.

On a month-over-month basis, meanwhile, the GTA placed second – rising 0.3 per cent since June. Charlottetown was ahead of the GTA with a 1.3-per-cent rise since June.

It was a different story in Calgary. The most significant monthly price decline was recorded in Calgary, down 0.5 per cent as some builders offered free upgrade packages and promotional pricing to generate sales.

With files from The Canadian Press