Growth in new house prices slows in February

Growth in new house prices slows in February

Updated Fri. Apr. 11 2008 9:53 AM ET

The Canadian Press

OTTAWA -- Statistics Canada says growth in new house prices slowed in February, but was still running well above the inflation rate and was in double digits in parts of the West and on the East Coast.

The agency says prices of new houses nationally rose 6.2 per cent over February of last year, easing slightly from the 6.5 per cent year-over-year jump recorded in January.

Prices again rose fastest in Saskatoon, which led the nation with an annual price increase of 58.3 per cent.

In Edmonton, the 12-month growth rate slowed to 14.8 per cent in February, while in Calgary, the annual increase was 5.2 per cent.

The annual increase was also in double digits in St. John's, N.L. (12.2 per cent) and Halifax (11.4 per cent).

In Ontario, annual increases in major centres were running around four per cent, with similar increases in Quebec urban areas.