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Local new house prices rise - Analyst sees 'better 2010' for market

January 15, 2010

Windsor was in the top four spots of places in Canada with price increases in new housing in November.

The new housing price index rose 0.7 per cent in Windsor in November along with St. John's. The two areas followed St. Catharines-Niagara with a 1.4 per cent increase and Quebec with a 0.9 per cent increase.

The prices rose because of higher material and labour costs and in Windsor, Statistics Canada reported a number of builders pointing to improving market conditions.

Mike Dinchik, executive officer of the Greater Windsor Home Builder's Association, called it a positive trend. Dinchik said it means builders are experiencing price increases from suppliers and customers are putting more into their new homes such as better flooring or more square footage.

"What I think that reflects mainly is the people who are choosing to have a new house built are putting more amenities in it than an actual price increase on the base of the house," Dinchik said.

The new housing price index also increased 0.4 per cent in Windsor in November when compared to November 2008.

For Canada, the new housing price index rose 0.4 per cent in November and has been rising monthly since July 2009, Statistics Canada reported this week. Compared to the same period in 2008, the new housing price index was down 1.4 per cent in November....

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