New Housing Price Index (NHPI): February 2010

Canada-wide, New Home Prices increased 0.1% in February following a 0.4% increase in January.  Year over year, a 0.9% increase was recorded.

14 out of the 21 metropolitan areas in the index registered an increase from January, with prices increasing the most in Regina (+2.0%) as some builders reported higher materials costs as well as increased lot prices from developers. Other builders increased their lot prices after having re-evaluated the value of their land.

For the first time since 2008, Calgary reported a year-over-year increase. (+0.4%)     It was up 0.1% from last month.

Three cities registered 12-month declines in February:  Victoria (-5.7%), Edmonton (-3.3%) and Charlottetown (-1.2%).

Source: Statistics Canada

Source: Statistics Canada

click to enlarge

Note: 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.

11 responses to “New Housing Price Index (NHPI): February 2010

  1. So how are things looking mid-month?
    Sales / listings / price above, below or at par with expectation?

  2. Will, here are the year-over-year comparisons for April 1 thru 12.

    Single Family Homes

    2009: 451
    2010: 471

    2009: 4388
    2010: 4424

    Average Price MTD
    2009: $422,446
    2010: $458,060

    Median Price MTD
    2009: $375,000
    2010: $418,000


    2009: 197
    2010: 226

    2009: 2077
    2010: 2323

    Average Price MTD
    2009: $267,243
    2010: $296,490

    Median Price MTD
    2009: $250,000
    2010: $270,750

  3. Mike but not mike F

    Not unexpected but still a cup of cold water on those with mortgages…

    Mortgage rates on rise again

    The moves by Canada’s first- and third-biggest banks will almost certainly lead to another round of higher rates by other lenders.

    Effective Wednesday, a closed fixed-rate five-year mortgage at RBC will carry an annual interest rate of 6.10 per cent, with closed seven-year and closed 10-year fixed-rate mortgages carrying annual rates of 6.90 per cent and 7.05 per cent, respectively.

    Two-, three- and four-year closed fixed-rate mortgages will carry annual rates of 4 per cent, 4.6 per cent and 5.59 per cent

  4. Mike but not mike F

    5 more days till the 19th…till people have to qualify at the new 6.1% 5yr rate to get a mortgage and the rental suite income rules change for a mortgage helper.

    RE tip: Stop and wait a few months to let the storm pass.

  5. Is the CHMC going to use 6.1% for qualification come April 19?

    I understand every situation is a bit different for every buyer, but looking at few different situations in a mortgage affordability calculator ( it would appear that due to the mortgage rate increases in the last two weeks, and leading up to April 19th, purchasing power will decrease ~8% for most buyers (particularily high ratio loans).

    On a different note, I think other economic indicators should be considered as we move to the summer and fall (it looks like we actually are different here in Alberta – bucking national trends).



    All of this in the last two weeks!

    I’m with “Mike but not mike F” on this one…a few months should make a difference – how big? We will soon find out.

  6. The rate hike was overdue for a long time now. Low rates allowed burger flippers buy RE in well established neighbourhoods, taking the whole hood value down.
    Mount Royal will turn into a getto overnight, should people such as mike but not mike, be able to buy in there.
    The rate hike should take care of this aspect and put the hoods value back to where it belongs.

  7. Is RBC’s mortgage (6%) set as the qualification standard? I thought it should be BoC’s rate (2.25%). Or the one you can get from wherever. Why does RBC always lead the way? RBC really suc_*_s for the f.t. buyers.

  8. @ Comment – you sound bitter!

    @ Daniel – it’s the BoC overnight mortgage rate, which is currently sitting at 5.85% (

    @ Mike – thanks for posting that. So things are almost as calm this year as they were last.

  9. Amazing website. Really helpful research for Calgary specific info.


  10. So it looks like the BoC rate increased from 5.25% to 5.85% when RBC and others increased the initial 0.6%. That leaves me to believe at their next update the 5-yr rate will get pegged at 6.1%, or is this an incorrect assumption?

  11. Pingback: New Housing Price Index (NHPI): March 2011 | Calgary Real Estate Review

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