New Housing Price Index, March 2019
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Released: 2019-05-09
March 2019
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March 2019
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March 2019
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March 2019
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New house prices were unchanged at the national level in March for a second consecutive month.
Chart 1
New Housing Price Index
New Housing Price Index, monthly change
In March, builders in 18 of the 27 census metropolitan areas (CMAs) surveyed reported flat or declining prices. New home prices were unchanged in Toronto for the second month in a row.
Builders reported higher construction costs as the primary reason for the increase in new housing prices in Gatineau (+0.4%), as well as in Sherbrooke and Trois-Rivières (both up 0.2%). The increased construction costs, which include labour costs, coincided with a shortage of skilled workers in Quebec. New housing prices rose the fastest in Gatineau, with the sales to new listings ratio in this CMA reaching 72.3 in March, according to the Canadian Real Estate Association. A ratio above 60 indicates a seller's market.
After four months of declining prices, new home prices in Vancouver edged up 0.1% in March, mostly due to improving market conditions as reported by builders.
The largest decrease in March was in Victoria (-0.4%). Deteriorating market conditions as well as lower negotiated selling prices were the primary reasons for the fall in prices.
Chart 2
New house prices are unchanged at the national level for a second consecutive month
New Housing Price Index, 12-month change
New house prices at the national level edged up 0.1% year over year in March. New home prices in the CMAs of Ottawa (+3.7%), Windsor (+3.1%) and London (+2.9%) increased the most among the CMAs surveyed. According to the Canada Mortgage and Housing Corporation, single-family housing starts were up 9.6% year over year in Ottawa in March. Single-family homes include row, single and semi-detached houses.
Regina (-2.8%) recorded the largest decrease among the 12 CMAs that reported year-over-year declines. Over the past 12 months, builders have offered promotional packages as well as cash rebates, and declared lower negotiated selling prices as a result of deteriorating market conditions.
Prices also declined on an annual basis in Oshawa (-1.3%), Toronto and Edmonton (both down 0.7%).
Note to readers
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 survey covers the following dwelling types: singles, semi-detached and townhouses or row homes. The current value of the structure is independently indexed and is presented as the house series. The survey also collects contractors' estimates of the current value (evaluated at market price) of the land. These estimates are independently indexed to provide the published series for land. The index is available at the Canada and provincial levels, and for 27 census metropolitan areas.
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 provincial harmonized sales tax.
The index is not subject to revision and is not seasonally adjusted.
Products
Statistics Canada has a new Housing Market Indicators Dashboard. This web application provides access to key housing market indicators for Canada, by province and by census metropolitan area. These indicators are automatically updated with new information from monthly releases, giving users access to the latest data.
A data table highlighting changes in new home prices in Canada and select census metropolitan areas is available as part of the Just the Facts series.
Next release
The New Housing Price Index for April will be released on June 13.
Products
The dashboard "Housing Market Indicators" is now available.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; STATCAN.infostats-infostats.STATCAN@canada.ca) or Media Relations (613-951-4636; STATCAN.mediahotline-ligneinfomedias.STATCAN@canada.ca).
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