Statistics Canada: New Housing Price Index, August 2024

New home price index remains stable at the Canada level

The national index was unchanged month over month in August. Prices were unchanged in 13 of the 27 census metropolitan areas (CMAs) surveyed, while they increased in 8 and declined in the remaining 6 CMAs.

The largest month-over-month decrease in August was recorded in Calgary (-0.4%), followed by St. Catharines–Niagara (-0.3%). This marks the first monthly decline for Calgary since January 2024. According to the Calgary Real Estate Board, benchmark prices and sales of existing homes experienced a similar downward trend in Calgary in August compared to July.

In August, new home prices increased the most month over month in Regina (+0.3%) and Oshawa (+0.2%), with builders reporting improving market conditions as the reason for the increase.

New Housing Price Index, 12-month change

Nationally, the index was unchanged on a year-over-year basis in August following a 0.1% increase in July. The New Housing Price Index increased in 10 CMAs surveyed and was unchanged in 3, while it declined in 14.

The largest year-over-year increases in August were registered in Calgary (+4.1%), Trois-Rivières (+3.1%) and Edmonton (+2.1%).

The largest year-over-year declines were reported in Kitchener–Cambridge–Waterloo and Ottawa (each declined by 2.8%), followed by Sherbrooke (-1.7%).

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 September will be released on October 25, 2024.

Source: Statistics Canada