There was another significant gain in Greater Sudbury in the New Housing Price Index.
Statistics Canada reports housing prices increased in 10 of 21 metropolitan areas surveyed with Regina, Sask. leading the way with housing prices increasing on average 4.7 percent in February. Quebec City and Edmonton followed, with average prices increases of 2.7 percent.
Noteworthy gains were also made in Greater Sudbury and Thunder Bay, with average house prices increasing 1.7 percent, due to expected raw material and labour cost increases, according to Statistics Canada.
These two cities were followed by Montreal, Hamilton, Winnipeg, St. Catharines-Niagara, Kitchener, Toronto and Oshawa. Of the 10 metropolitan areas showing increases, land prices rose in seven of those communities.
Edmonton posted the largest 12-month increase of a whopping 42.5 percent, followed by Calgary (37.8 percent), Saskatoon (16.1 percent), Regina (13.5 percent), Winnipeg (7.9 percent) and Vancouver (6 percent).
The New Housing Price Index is estimated using a formula of 148.8 (1997=100), according to Statistics Canada.
Compared on a year-by-year basis, contractors' selling prices were up 10 percent, just below the 10.1 percent registered in January.
