The streak of upbeat Canadian housing data extended further today with the release of the New Housing Price Index (NHPI) from Statistics Canada.
Considered to be overbuilt in certain markets, (see Bank of Canada post coming up later today) new home price gains still managed to top expectations.
In Canada, the New Housing Price Index (NHPI) rose 0.2% in April, following a 0.1% increase in March and similar gains over the past 12 months. On a year-over-year basis, the NHPI rose 2.0% in the 12 months to April, following a similar increase the previous month.
Calgary once again had a strong showing. For the third consecutive month, Calgary was the top contributor to the national advance, as prices for new homes rose 0.5% in April. Year-over-year, Calgary new home prices were up 4.7%.
Builders here reported that higher material and labour costs as well as market conditions were the main reasons for higher prices.
For the fifth consecutive month, Winnipeg recorded the largest year-over-year price movement in Canada. Prices were up 5.5% in April following a 5.1% advance in March.
Among the 21 metropolitan regions surveyed, only Victoria (-1.5%) and Vancouver (-0.6%) posted 12-month price declines in April, continuing a long stretch of annual decreases in the two western-most regions.