New Housing Price Index, August 2016
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Released: 2016-10-13
August 2016
0.2% 
(monthly change)
August 2016
-0.1% 
(monthly change)
August 2016
0.0%
(monthly change)
August 2016
0.0%
(monthly change)
August 2016
0.2%
(monthly change)
August 2016
0.0%
(monthly change)
August 2016
0.5%
(monthly change)
August 2016
0.2%
(monthly change)
August 2016
-0.3%
(monthly change)
August 2016
-0.1%
(monthly change)
August 2016
0.0%
(monthly change)
The New Housing Price Index (NHPI) rose 0.2% in August compared with July. While prices were up in eight census metropolitan areas, the increase was largely attributable to new housing prices in the combined region of Toronto and Oshawa.
Chart 1
New Housing Price Index
New Housing Price Index, monthly change
The combined region of Toronto and Oshawa (+0.7%) was the top contributor to the national increase in August, recording the largest monthly price advance among the census metropolitan areas covered by the survey. Builders reported market conditions and higher costs for materials as reasons for the gain.
Prices also increased significantly in Kitchener–Cambridge–Waterloo (+0.5%) and the combined region of Greater Sudbury and Thunder Bay (+0.4%). Builders in Kitchener–Cambridge–Waterloo cited higher new list prices as the main reason for the gain. In the combined region of Greater Sudbury and Thunder Bay, higher costs for materials and building permits were the primary reasons for the rise in prices.
New housing prices rose 0.2% in Saint John, Fredericton and Moncton, after being unchanged for six consecutive months.
In August, prices were unchanged in 7 of the 21 metropolitan areas surveyed.
New housing prices decreased 0.5% in Regina, as a result of new promotional packages to encourage sales. Prices in Saskatoon were down 0.2% for the third month in a row, with builders reporting market conditions as the reason for the decline in August.
New Housing Price Index, 12-month change
The NHPI increased 2.7% over the 12-month period ending in August.
Chart 2
The combined metropolitan region of Toronto and Oshawa posts the highest year-over-year price increase
The combined metropolitan region of Toronto and Oshawa (+7.0%) was the top contributor to the gain, posting the largest 12-month price increase in August.
Other notable year-over-year gains were observed in Vancouver (+5.4%), St. Catharines–Niagara (+4.3%) and Victoria (+3.8%). Prices have increased in Victoria for the last seven months.
Among the 21 metropolitan areas surveyed, 5 recorded year-over-year price declines in August. Saskatoon (-3.4%) and Calgary (-0.7%) posted the largest decreases for the fourth consecutive month.
Note to readers
The New Housing Price Index (NHPI) measures changes over time in the selling prices of new residential houses agreed upon between the contractor and the buyer at the time of the signing of the contract. It is designed to measure the changes in the selling prices of new houses where detailed specifications pertaining to each house remain the same between two consecutive periods.
The survey covers the following dwelling types: single dwellings, semi-detached houses, and townhouses or row homes. The survey also collects contractors' estimates of the current value (evaluated at market price) of the land. These estimates are independently indexed to provide the published series for land. The residual (total selling price less land value), which mainly relates to the current cost of the structure, is also independently indexed and is presented as the estimated house series. The index is available at the Canada and provincial levels, and for 21 metropolitan areas.
The prices collected from builders and included in the NHPI are market selling prices less value-added taxes, such as the federal goods and services tax or the harmonized sales tax.
The index is not subject to revision and is not seasonally adjusted.
Infographic: Producer Price Indexes at a Glance
The infographic, "Producer Price Indexes at a Glance," which is part of Statistics Canada — Infographics (11-627-M), is available. This infographic demonstrates how producer price indexes for goods and services are calculated and why they are important for the Canadian economy.
Next release
The NHPI for September will be released on November 10.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; STATCAN.infostats-infostats.STATCAN@canada.ca) or Media Relations (613-951-4636; STATCAN.mediahotline-ligneinfomedias.STATCAN@canada.ca).
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