Canada’s New Housing Price Index Unchanged in March

On Monday, Statistics Canada (StatCan) reported that the Canadian New Housing Price Index (NHPI) was unchanged month-over-month in March. Prices were flat in 12 of the 27 census metropolitan areas (CMAs), declined in 6, and increased in the remaining 9 CMAs.

The 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.

Nationally, the NHPI declined 0.4% year-over-year in March, with 18 of the 27 CMAs reporting decreases. The largest decline was recorded in Ottawa, down 4.9%, followed by London, down 2.2%, and Saskatoon, down 1.9%. The largest increases were recorded in Quebec where prices climbed 3.2% higher and in Calgary where they increased 3.0%.