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New Housing Price Index, October 2017

Released: 2017-12-14

New Housing Price Index — Canada

October 2017

0.1% increase

(monthly change)

New Housing Price Index — N.L.

October 2017

0.0%

(monthly change)

New Housing Price Index — P.E.I.

October 2017

0.0%

(monthly change)

New Housing Price Index — N.S.

October 2017

0.3% increase

(monthly change)

New Housing Price Index — N.B.

October 2017

0.0%

(monthly change)

New Housing Price Index — Que.

October 2017

0.2% increase

(monthly change)

New Housing Price Index — Ont.

October 2017

0.1% increase

(monthly change)

New Housing Price Index — Man.

October 2017

0.1% increase

(monthly change)

New Housing Price Index — Sask.

October 2017

0.0%

(monthly change)

New Housing Price Index — Alta.

October 2017

0.0%

(monthly change)

New Housing Price Index — B.C.

October 2017

0.3% increase

(monthly change)

Ottawa was the only market with notable growth in new house prices in October. The national figure was moderated by unchanged prices in more than half of the surveyed cities.

Chart 1  Chart 1: New Housing Price Index
New Housing Price Index

New Housing Price Index, monthly change

Prices for new homes in Ottawa rose 1.0% in October compared with a national average of 0.1%. Builders in Ottawa linked the monthly gain to improved market conditions and new phases of development. For row, single and semi-detached houses, the Canada Mortgage and Housing Corporation reported that year-to-date housing starts were 7.6% higher for Ottawa in October compared with the same period in 2016.

In Vancouver, new home buyers paid 0.3% more in October. Prices for new homes in Toronto edged up 0.1% after four consecutive months of no change.

New house prices were unchanged in 15 of 27 census metropolitan areas (CMAs) surveyed. Kitchener–Cambridge–Waterloo (-0.1%) recorded the lone decrease in October—its first since July 2015.

Chart 2  Chart 2: Growth in new homes prices in Ottawa outpace the national average
Growth in new homes prices in Ottawa outpace the national average

New Housing Price Index, 12-month change

In October, new house prices in Canada rose 3.5% year over year, down from this year's largest increase of 3.9%.

Vancouver (+8.4%) and London (+8.1%) had the largest 12-month increases among the surveyed CMAs.

New home prices in Ottawa rose 4.6% in October—the largest year-over-year increase for this city since November 2010.

Among the four CMAs reporting price declines, St. John's (-1.1%) recorded the largest year-over-year decrease for the third consecutive month.

Telling Canada's story in numbers; #ByTheNumbers

In celebration of the country's 150th birthday, Statistics Canada is presenting snapshots from our rich statistical history.

New house prices in Saskatchewan rose by more than 50% from February 2007 to May 2008. During this 15-month period of high and sustained new house price growth, Saskatchewan registered its largest ever monthly increase (+7.8%) in May 2007. Rising prices for oil, uranium and potash bolstered activity in Saskatchewan's oil and mining industries, creating new jobs, drawing workers to the province and increasing demand for housing.

Chart 3  Chart 3: New house prices in Saskatchewan rose by more than 50% from February 2007 to May 2008
New house prices in Saskatchewan rose by more than 50% from February 2007 to May 2008


  Note to readers

The New Housing Price Index 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 current value of the structure is independently indexed and is presented as the house series. 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 index is available at the Canada and provincial levels, and for 27 metropolitan areas.

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 or the provincial harmonized sales tax.

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

A Historical Timeline of Canadian Producer Price Statistics

To celebrate Canada 150, "A Historical Timeline of Canadian Producer Price Statistics," which is part of Statistics Canada — Infographics (Catalogue number11-627-M), was created to showcase the key milestones in the history of Canadian producer price statistics. This historical timeline contains answers to questions such as: Who collected Canada's first statistics? What do Canadian producer price indexes measure?

Infographic: Producer Price Indexes at a Glance

The infographic "Producer Price Indexes at a Glance," which is part of Statistics Canada — Infographics (Catalogue number11-627-M), demonstrates how producer price indexes for goods and services are calculated and why they are important for the Canadian economy.

Next release

The New Housing Price Index for November 2017 will be released on January 11, 2018.

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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