Canadian New-Home Prices Edge Higher in July

On Tuesday, Statistics Canada (StatCan) reported that Canadian new-home prices trended higher in July. The national index edged up 0.2% month-over-month in July. Prices were higher in 10 of the 27 census metropolitan areas (CMAs) surveyed, while they were unchanged in 13 and declined in the remaining 4.

The largest month-over-month increases in July were recorded in Calgary, Edmonton, Kelowna, and Regina, with each posting a 0.8% increase. The largest monthly declines were recorded in Kitchener–Cambridge–Waterloo (down 0.5%) and Ottawa (down 0.2%).

Year-over-year, the index increased 0.1% July. This marked the first annual increase in the series since March 2023. New-home prices were up in 12 of the 27 CMAs surveyed.

The largest year-over-year increases in July were registered in Calgary, up 5.2%; Trois-Rivières, up 3.1%; and Edmonton, up 2.0%. On the other hand, Ottawa reported the largest year-over-year decline (down 4.1%), followed by Kitchener–Cambridge–Waterloo (down 2.7%) and Winnipeg (down 1.4%).