Canadian New Home Price Index Declines Month-Over-Month in July
New Housing Price Index, July 2023
Statistics Canada (StatCan) released on Monday (8-21-23) the latest Canadian New Home Price Index (NHPI). The Index declined 0.1% month-over-month in July, following two months of growth. Of the 27 census metropolitan areas (CMAs) surveyed in July, prices were unchanged in 12, down in 8, and up in 7.
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 contact is signed. The detailed specification for each new house remains the same between two consecutive periods.
Month-over-month, new home prices declined the most in Victoria, down 0.8%, followed by Greater Sudbury, down 0.7%; Regina, down 0.5%; and Ottawa, down 0.5%. According to StatCan, builders in many CMAs say that a weaker market is the reason for the decline in the July NHPI.
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