New Housing Price Index, January 2024
Released: 2024-02-21
January 2024
-0.1% 
(monthly change)
January 2024
0.0%
(monthly change)
January 2024
0.0%
(monthly change)
January 2024
0.0%
(monthly change)
January 2024
0.0%
(monthly change)
January 2024
-0.1%
(monthly change)
January 2024
-0.1%
(monthly change)
January 2024
0.1% 
(monthly change)
January 2024
0.0%
(monthly change)
January 2024
0.2%
(monthly change)
January 2024
-0.2%
(monthly change)
Canadian new home prices decline slightly in January
The national index edged down 0.1% month over month in January. Prices were down or unchanged in 21 of the 27 census metropolitan areas (CMAs) surveyed.
The largest month-over-month decrease in January was recorded in Ottawa (-0.4%), with some builders offering promotions to generate sales. This was the 13th consecutive monthly decline for Ottawa. Notable price decreases were also observed in Vancouver (-0.3%), Montréal (-0.3%) and Calgary (-0.2%).
In January, the largest month-over-month increase in new home prices was seen in Edmonton (+0.8%) and Trois-Rivières (+0.4%). Builders in these two CMAs pointed to increased construction costs and improved market conditions as reasons for price increases.
Chart 1
New Housing Price Index
Year over year, new home prices continue their downward trend in January
Nationally, new home prices were down 0.7% year over year in January. This marked the 10th consecutive annual decrease recorded and the longest period of consecutive declines since 2009.
Ottawa (-5.0%) reported the largest year-over-year decline in January, followed by Victoria (-3.2%).
The largest annual increases in January were reported in Québec (+3.3%) and Calgary (+2.5%).
Chart 2
New house prices decline at the national level
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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 townhomes (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.
Annual weights have been updated with the January 2024 release.
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 is available on the Statistics Canada Training Institute webpage. It 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 February will be released on March 21.
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; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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