Statistics Canada: New Housing Price Index, November 2024

New home prices edge up in November

The national index edged up 0.1% on a month-over-month basis in November. Prices were up in 8 of the 27 census metropolitan areas (CMAs) surveyed, while prices were unchanged in 15 CMAs and declined in 4.

Québec leads monthly increases in November

The largest monthly new home price gains in November were recorded in Québec (+1.8%) and Ottawa (+0.4%). According to the Quebec Professional Association of Real Estate Brokers (QPAREB), the broader resale market in Québec showed more single-family home sales and fewer homes being listed on the market, thus putting upward pressure on the overall house prices. November year-to-date sales were up 16%, while active listings were down 13%, as reported by the QPAREB. The Canada Mortgage and Housing Corporation also reported there being fewer unsold single-family completed units available in the market in October (-19.9% year over year). Single-family units are single-detached, semi-detached and row houses.

The largest monthly declines in November were recorded in Oshawa (-0.3%) and London (-0.3%), where builders link the decline to weaker market conditions.

New Housing Price Index, 12-month change

Nationally, the New Housing Price Index increased 0.2% year over year in November compared with a 0.9% annual decline in November 2023. The Bank of Canada policy rate, which impacts mortgage interest rates, was 3.75% in November 2024, compared with 5.00% at the same time one year earlier. Reduced borrowing costs made it easier to qualify for a home purchase, which in turn can put upward pressure on new home prices.

The largest annual increases in November were registered in Calgary (+4.8%), Québec (+3.8%) and Edmonton (+2.9%). The largest declines were recorded in Kitchener–Waterloo (-1.8%), Ottawa (-1.7%) and London (-1.3%).

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 December 2024 will be released on January 24, 2025.

Source: Statistics Canada