Canadian New Housing Price Index Unchanged for Second Consecutive Month in September
New Housing Price Index, September 2024
On Friday, Statistics Canada (StatCan) reported that the Canadian New Housing Price Index was unchanged for the second consecutive month in September. Prices were unchanged in 12 out of the 27 census metropolitan areas (CMA), up in 8, and down in the remaining 7.
Nationally, the index rose 0.2% year-over-year in September compared with an annual decline of 1.0% in September 2023. The Bank of Canada decreased its policy interest rate again in September, bringing it to 4.25% (compared with 5.0% in September 2023), which lowered borrowing costs for home buyers.
In September, the largest year-over-year increases were in the CMAs of Calgary, up 4.3%, and Trois-Rivières, up 3.1%.
Among the CMAs surveyed, Kitchener-Cambridge-Waterloo, down 2.8%, saw largest year-over-year decline, followed by Ottawa, down 2.6%.
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