New Housing Price Index (NHPI): March 2012

The price of new homes in Calgary increased in March with builders citing improving market conditions as the reason. According to the New Housing Price Index released by Statistics Canada today, Calgary’s index increased 0.8% from the previous year and was up 0.3% from the previous month.

For Canada, the NHPI rose 0.3% in March, following a similar increase in February. Year over year, the NHPI was up 2.6%.

The largest year-over-year price increases were recorded in Toronto and Oshawa (+6.2%), Regina (+5.7%) and Winnipeg (+4.2%).

Among the 21 metropolitan regions surveyed, 4 posted 12-month price declines in March, with Victoria (-3.0%) posting the largest decrease.

Source: Statistics Canada (click to enlarge image)

Source: Statistics Canada

About the NHPI: 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.

One response to “New Housing Price Index (NHPI): March 2012

  1. From Economic Analyst Ben Rabidoux:

    Remember that the New House Price Indx is quality adjusted and understates real dollar gains: view graph

    Keep in mind that NHPI understates price gains when you read articles like this

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