Local house prices continue meteoric climb

Local house prices continue meteoric climbOTTAWA (CP) — The western boom towns of Edmonton and Calgary drove new house prices to a 10.1 per cent gain in January over a year earlier, while month-to-month costs increased in 10 of 21 survey areas.Edmonton led the way, with new house prices rising 1.6 per cent over December, followed by Calgary (0.8), as costs for construction materials, in particular concrete, and labour for excavation and painting were contributing factors.The largest 12-month increase took place in Calgary, where new house prices rose 40.8 per cent over January 2006, followed closely by Edmonton at 40.2 per cent.Saskatoon, at 16.1 per cent, Regina (8.3), Winnipeg (7.8) and Vancouver (6.9) also had noteworthy year-over-year gains.Land prices rose in three of the 10 metropolitan areas registering monthly increases.Seven metropolitan areas registered no monthly change and, with a 0.4 per cent drop, Greater Sudbury and Thunder Bay, Ont., showed the largest decrease due to competitive factors. Charlottetown, Ottawau Gatineau and Kitchener, Ont., were also down from the previous month.