Statistics Canada: New Housing Price Index, December 2024

New home prices edge down in December

The national index declined 0.1% on a month-over-month basis in December. Prices were down in 7 of the 27 census metropolitan areas (CMAs) surveyed, while prices were unchanged in 13 CMAs and up in the remaining 7.

The largest month-over-month decrease in December was recorded in Greater Sudbury (-0.7%), followed by Calgary (-0.4%) and Toronto (-0.4%). The price declines in these CMAs were linked to lower negotiated prices and more incentives offered by builders.

The largest monthly increase in December was recorded in the combined region of Saint John, Fredericton and Moncton (+0.6%).

New Housing Price Index, 12-month change

Nationally, the New Housing Price Index edged up 0.1% year over year in December.

The largest annual increases were in Calgary (+3.9%) and Québec (+3.8%).

The largest annual declines in December were recorded in Kitchener–Cambridge–Waterloo (-1.4%) and Ottawa (-1.4%). More new homes were available on the market in these two CMAs. The inventory of new single-family homes completed and unsold increased in November. The latest data from the Canada Mortgage and Housing Corporation reported an increase on a year-over-year basis in December in Kitchener–Cambridge–Waterloo (+166.7%) and Ottawa (+54.7%).

 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 January will be released on February 20, 2025.

Source: Statistics Canada