Edmonton sees biggest drop in house prices
BY BILL MAH, EDMONTONJOURNAL.COMMAY 11, 2009 11:33 AMBE THE FIRST TO POST A COMMENT
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An Edmonton construction site.
Photograph by: John Lucas, The Journal, File, Calgary Herald; Canwest News Service
EDMONTON — Prices for new houses in the Edmonton area fell more year-over-year than in any other city in Canada during March, Statistics Canada said Monday.
The federal agency’s new housing price index said contractors’ selling prices decreased nationally by 2.4 per cent in March compared with the same month in 2008.
The biggest 12-month decline in new home prices was in the Edmonton census metropolitan area at 12.3 per cent, followed by Saskatoon at 11.2 per cent and Calgary at 8.7 per cent.
At fourth and fifth, Vancouver posted a 7.8-per-cent decline and Victoria decreased 6.6 per cent.
Edmonton and Calgary also posted the steepest monthly declines from February to March, at 1.2 per cent each. The national rate decreased 0.5 per cent from February to March.
“In Calgary and Edmonton declines were attributed to lower material and labour costs and lower lot prices from developers,” said Statistics Canada.
Among surveyed cities, the largest year-over-year increase was St. John’s at 20.8 per cent and Regina at 12.8 per cent.
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