New Housing Price Index
Queen’s University professor John Andrew is available to discuss today’s New Housing Price Index report from Statistics Canada which showed the price of new houses sold in Canada continued to rise moderately in November 2010, driven mainly by slightly higher construction costs.
“It is noteworthy that builders have felt little pressure to lower their prices, given the continued stabilization of sales volumes and prices for resale homes. Sales of these homes have increased in month-over-month volume for the past four months, and year-over-year resale prices have been rising modestly since January 2010 (the most recent statistics for both are for November). This is mainly due to persistent low interest rates,” says Dr. Andrew who specializes in real estate and is also the director of Queen’s University’s Executive Seminars on Corporate & Investment Real Estate. “However, two risks remain worrisome for both new and resale home prices: the inevitable rise of mortgage rates and alarmingly high (and rising) levels of consumer debt”
To arrange an interview, contact Kristyn Wallace at 613.533.6000 ext. 79173 or firstname.lastname@example.org or Michael Onesi at 613.533.6000 ext. 77513 or email@example.com, News and Media Services, Queen’s University.
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