Calgary new home prices were up 0.2% between July & August according to Statistics Canada New Home Price Index released today. Year-over-year, Calgary’s NHPI was down -0.5%.
Nationally, the New Housing Price Index (NHPI) rose 0.1% in August, following a similar increase in July. Year-over-year, the NHPI was up 2.3% in August also following a similar increase in July.
Between July and August, Regina (+1.2%) posted the largest increase, followed by Greater Sudbury and Thunder Bay (+0.9%) as well as Saint John, Fredericton and Moncton (+0.6%).
The most significant monthly price declines were recorded in Vancouver (-0.4%) and Victoria (-0.3%) as builders recorded lower negotiated selling prices or offered promotional pricing to generate sales.
The largest year-over-year price increases were in Toronto and Oshawa as well as in Regina (both +5.1%) while the largest decrease was in Windsor (-3.2%) followed by Victoria (-1.9%)
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Note: The New Housing Price Index 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 or the Harmonized Sales Tax.
The new housing price indexes for September will be released on November 9.
Scotia Capital forecast Canada’s NHPI increase exactly:
Read more about CPI (Consumer Price Index) at Statistics Canada