Home prices inch up in November: StatsCan

(CBC) - The rise in new home prices across the country eased in November, inching up just 0.5 per cent, Statistics Canada reported Wednesday.

With an increase of 2.1 per cent, Edmonton recorded the highest gain, followed by Regina at 1.9 per cent.

The federal agency said high costs for construction materials, land and labour rates contributed to price increases across the country.

New home prices in Calgary also increased by 1.1 per cent, recovering from a decrease of half a percentage point a month earlier. The October price drop in Calgary was the first since November 2004.

Increases were also observed in St. John's, Charlottetown, Halifax, Montreal, Ottawa-Gatineau, Toronto, Oshawa, Hamilton, Kitchener, Sudbury, Thunder Bay, Winnipeg and Vancouver.

Prices dropped in only two cities: London saw a one per cent decrease, and prices in Windsor fell 0.9 per cent.

On a year-over-year basis, prices increased by 11.4 per cent nationwide. Calgary had the largest 12-month increase, at 49.8 per cent, followed by Edmonton, at 42.8 per cent, and Saskatoon at 12.7 per cent. Gains were also posted in Regina, Winnipeg and Vancouver.

© the CBC, 2006