There are some new names in the list of hot spots when examining the cost of building a new house.
We’ve gotten used to hearing that the cost of building a new home is rising fastest in Toronto and Vancouver. But things are changing. Toronto home construction costs are rising but they are far from the top of the heap. And Vancouver is actually leading in the other direction….that’s where the largest monthly drop was recorded in September. It fell more than half a point in just one month.
But the new names on the hottest pricing list are Kitchener-Waterloo – where they are going up at an annualized rate of 18-percent – along with Charlottetown, Ottawa, Montreal and London.
Among the cities seeing new builds go down in price is Kelowna and Calgary. Interestingly the two BC cities have to contend with a special speculators tax which may be contributing to softening demand and lower prices.
And, for the first time in months, both major cities in Saskatchewan are on the plus side of the ledger as they posted modest increases.