The New Housing Price Index (NHPI) for Canada rose 0.2% in January following a 0.1% increase in December. Year over year, the NHPI was up 1.9% in January.
The greatest month-over-month increases were recorded in:
- Winnipeg (+0.7%) -prices rose as a result of builders introducing new list prices in January
- Québec (+0.5%) -the increases were mainly attributed to higher material and labour costs.
- Toronto and Oshawa (+0.4%) -builders reported increased prices as a result of good market conditions.
- Montréal (+0.4%) -the increases were mainly attributed to higher material and labour costs.
In Saint John, Fredericton and Moncton, slower market conditions caused builders to reduce their prices in order to stimulate sales. In Hamilton, as well as in Edmonton, builders reported lower negotiated selling prices in January.
Calgary New Home Prices
Calgary prices were up 0.3% from December and up 0.8% from the previous year.
David Hooge, president of the Canadian Home Builders’ Association-Calgary Region, said new home prices have remained stable here.
“We certainly haven’t decreased,” said Hooge. “We’re expecting there to be some minor increases of perhaps 2.5 to three per cent increase over the year. Nothing outrageous for sure. It all depends on what sort of absorption we see and what kind of traction we see going through the spring. But at this point that’s kind of what we’re banking on.” (Source: Calgary Herald)
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