The New Housing Price Index (NHPI) measures changes over time in contractors’ selling prices for new homes. In Niagara, the NHPI has risen 47.5% since 1997. The National average increase was 10.7%. Wages in a region need to keep pace with the costs to make building new homes possible and affordable. For those with low income, it is impossible since their income has not kept pace with this rise in building costs.
Table 16 New Housing Price Index 2003-2007
|
|
2003 |
2004 |
2005 |
2006 |
2007 |
|
Niagara |
120.5 |
128.8 |
137.8 |
144.2 |
150.1 |
|
Hamilton |
120.9 |
127.4 |
134.6 |
142.0 |
148.4 |
|
Kitchener |
120.5 |
128.8 |
137.8 |
144.2 |
150.1 |
|
Windsor |
102.1 |
102.5 |
105.5 |
105.4 |
103.2 |
|
Canada |
116.7 |
123.2 |
129.4 |
142.0 |
153.0 |
|
Calgary |
130.9 |
138.2 |
147.8 |
212.2 |
246.6 |
In 2007, the New Housing Price Index for Niagara was 150.1, close to the 153.0 rate for Canada. and Kitchener (150.1); higher than Windsor (103.2) and Hamilton (148.4); but not near the growth in Calgary (246,6) or Edmonton (234.4).
Source: http://www40.statcan.ca/l01/cst01/manuf12.htm
Rating: 2
