The New Housing Price Index (NHPI) decreased 0.1% in July following a 0.1% increase in June, according to the Statistics Canada report released today. This was the first decrease at the Canada level in 13 months. Year over year, the NHPI was up 2.9%.
In Calgary, prices remained unchanged between June and July. Prices were up 2.7% from July 2009 to July 2010.
Year-over-year increases were recorded in:
- Regina (+6.9%)
- St. John’s (+6.1%)
- Winnipeg (+5.0%)
- Ottawa–Gatineau (+4.7%)
- Vancouver (+4.5%)
- Saskatoon (+4.0%).
Among the 21 metropolitan areas surveyed, 3 registered 12-month declines in July:
- Charlottetown (-2.1%)
- Windsor (-2.0%)
- Greater Sudbury and Thunder Bay (-1.7%)
Month-over-month, the largest increases were recorded in Kitchener–Cambridge–Waterloo (+0.6%), while prices decreased the most in:
- Greater Sudbury and Thunder Bay (-1.9%)
- London (-1.8%)
- Windsor (-1.5%).
Source: Statistics Canada (click to enlarge)
About the NHPI:
The New Housing Price Index (NHPI) measures changes over time in the selling prices of new residential houses agreed upon between the contractor and the buyer at the time of the signing of the contract. It is designed to measure the changes in the selling prices of new houses where detailed specifications pertaining to each 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 (GST) or the Harmonized Sales Tax (HST).
It seems the builders are trying to undercut the resellers in their own neighbourhoods for the past month… Seems the builders want out at any cost… I guess we might see a few new burbs that won’t be finished like in the 80′s like McKenzie, Millrise, (those 2 I know…others?)
Proof as always…Here are 3 quickly:
http://www.realtor.ca/propertyDetails.aspx?propertyId=9496624&PidKey=1771220433
http://www.realtor.ca/propertyDetails.aspx?propertyId=9893789&PidKey=1342493224
http://www.realtor.ca/propertyDetails.aspx?propertyId=9853500&PidKey=-634460871
Nice undercutting going on there.
Here’s the updated Weekly Sales chart for the week ending September 9th: click to view
A report released last Friday from RBC: Fears of a housing market crash overblown (PDF)
Unfortunately, it doesn’t touch on Calgary specifically – mostly a general overview of the Canadian market as a whole.
METRO STATS UPDATE (September 1 – 8, 2010)
2010 / 2009
Calgary Metro – Single Family
Sales: 227 / 306
New Listings: 640 / 501
Inventory: 5,150 / 3,318
Sales to New: 35% / 61%
Sales to Inv: 4% / 9%
Calgary Metro – Condominium
Sales: 80 / 139
New Listings: 259 / 270
Inventory: 2,303 / 1,511
Sales to New: 31% / 51%
Sales to Inv: 3% / 9%
Total MLS®
Sales: 396 / 584
New Listings: 1,174 / 1,075
Inventory: 12,107 / 8,128
Sales to New: 34% / 54%
Sales to Inv: 3% / 7%
SP >= LP: 58 / 56
Avg. $ Ovr LP: 3,718 / 4,647
Max. $ Ovr LP: 55,000 / 76,188
SP = LP: 31 / 13
% of SP to LP: 96.51% / 97.30%
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