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Old 12-11-2008, 08:28 PM
goldmember goldmember is offline
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Default Calgary new home prices record biggest drop in almost 17 years

Calgary new home prices record biggest drop in almost 17 years
Mario Toneguzzi, Calgary Herald
Published: Thursday, December 11, 2008

New house prices in Calgary declined by 1.6 per cent in October on a year-over-year basis - the largest decline for this metropolitan area since November 1991, says Statistics Canada.

The New Housing Price Index, released today by the federal agency, showed that on a national level the year-over-year increase was 1.5 per cent, a slower pace than the 2.1 per cent advance recorded in September and the smallest annual increase since October 1999.

On a monthly basis, prices decreased 0.4 per cent between September and October, the first monthly decrease at the Canada level since September 1998.


Prices declined by 0.6 per cent in Calgary on a monthly basis.

The largest year-over-year increases were in Regina (22.8 per cent) and St. John's (22.3 per cent).

Edmonton recorded a 12 month drop of 7.7 per cent, which was the largest annual decline since May 1985, Prices declined by 1.7 per cent in Edmonton from September to October 2008.

The federal agency said that on the West Coast prices were down 0.4 per cent in Vancouver on a year-over-year basis, the first annual drop since April 2001. Vancouver was also down 1.1 per cent on a monthly basis. In Victoria, contractors' selling prices decreased 1.1 per cent year-over-year, down from an annual increase of 0.2 per cent in September.
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