Statistics Canada: New Housing Price Index, July 2024

National new home prices edge up in July

The national index edged up by 0.2% month over month in July. Prices were up in 10 of the 27 census metropolitan areas (CMAs) surveyed, while they were unchanged in 13 and declined in the remaining 4 CMAs.

The largest month-over-month increases in July were recorded in Calgary, Edmonton, Kelowna and Regina (each up 0.8%). The rapidly growing population continued powering demand for new housing. In the second quarter of 2024, Alberta (+1.0%) had the largest quarterly population growth among the provinces, while British Columbia (+0.7%) had the fourth largest.

The largest monthly price declines in new home prices in July were recorded in Kitchener–Cambridge–Waterloo (-0.5%) and Ottawa (-0.2%).

National new home prices edge up year over year in July

Nationally, the index increased by 0.1% year over year in July. This marked the first annual increase in the index series since March 2023. New home prices were up in 12 of the 27 CMAs surveyed in July 2024.

The largest year-over-year increases in July were registered in Calgary (+5.2%), Trois-Rivières (+3.1%) and Edmonton (+2.0%).

Ottawa (-4.1%) reported the largest year-over-year decline in July, followed by Kitchener–Cambridge–Waterloo (-2.7%) and Winnipeg (-1.4%).

Note to readers

The New Housing Price Index (NHPI) measures changes over time in the selling prices of new residential houses. The prices are those agreed upon between the contractor and the buyer at the time the contract is signed. The detailed specifications for each new house remain the same between two consecutive periods.

The prices collected from builders and included in the index are market selling prices less value-added taxes, such as the federal goods and services tax and the provincial harmonized sales tax.

The survey covers the following dwelling types: new single homes, semi-detached homes and townhouses (row or garden homes). The index is available at the national and provincial levels and for 27 census metropolitan areas (CMAs).

The index is not subject to revision and is not seasonally adjusted.

Products

The Technical Guide for the New Housing Price Index (NHPI) is available. This document provides details on the methodology used to calculate the NHPI.

The New Housing Price Index: Interactive Dashboard, which allows users to visualize statistics on new housing prices, is available.

The Housing Market Indicators dashboard, which provides access to key housing market indicators for Canada, by province and by CMA, is also available.

For more information on the topic of housing, visit the housing statistics portal.

The video Producer Price Indexes provides an introduction to Statistics Canada’s Producer Price Indexes—what they are, how they are compiled and what they are used for.

Statistics Canada launched the Producer Price Indexes Portal as part of a suite of portals for prices and price indexes. It provides users with a single point of access to a wide variety of statistics and measures related to producer prices.

Next release

The New Housing Price Index for August will be released on September 23.

Source: Statistics Canada