Report highlights disparities in performance across regions
Statistics Canada (StatCan) has released new data, revealing the national new home price index rose by 0.2% month over month in July, reflecting modest growth in the housing market. The increase, while slight, marks a continuation of the upward trend observed in some regions across Canada.
Out of 27 census metropolitan areas (CMAs) surveyed, 10 reported month-over-month price increases, 13 saw no change, and four experienced declines. The largest increases were noted in Calgary, Edmonton, Kelowna, and Regina, each seeing a rise of 0.8%. According to StatCan, these regions are benefiting from robust population growth, with Alberta experiencing a 1.0% increase in population during the second quarter of 2024, the highest among provinces. British Columbia also saw significant population growth, at 0.7%, which has been driving demand for new housing.
Conversely, the most significant month-over-month declines were recorded in Kitchener–Cambridge–Waterloo, where new home prices fell by 0.5%, and Ottawa, which saw a decrease of 0.2%.
Notable disparities across regions
On a year-over-year basis, the national index increased by 0.1% in July. StatCan noted this represents the first annual rise since March 2023. Among the CMAs, Calgary led with a notable 5.2% increase in new home prices from the previous year. Trois-Rivières and Edmonton followed, with increases of 3.1% and 2.0%, respectively.
In contrast, Ottawa experienced the largest year-over-year decline, with prices falling by 4.1%. Kitchener–Cambridge–Waterloo and Winnipeg also saw reductions in new home prices, with declines of 2.7% and 1.4%, respectively.
The data highlights a shift in the Canadian housing market, with certain areas benefiting from strong demand and population growth, while others face price adjustments.
The New Housing Price Index (NHPI) tracks changes in the selling prices of new residential houses, as agreed upon between buyers and contractors at the time of contract signing. Prices, excluding value-added taxes, are collected from builders for single homes, semi-detached homes, and townhouses. The NHPI is available at national and provincial levels and for 27 CMAs. It is not seasonally adjusted or subject to revision.
