New Housing Price Index, June 2024
Released: 2024-07-24
June 2024
-0.2% 
(monthly change)
June 2024
0.9% 
(monthly change)
June 2024
0.0%
(monthly change)
June 2024
0.0%
(monthly change)
June 2024
0.0%
(monthly change)
June 2024
-0.3%
(monthly change)
June 2024
-0.2%
(monthly change)
June 2024
0.1%
(monthly change)
June 2024
0.5%
(monthly change)
June 2024
0.5%
(monthly change)
June 2024
-0.7%
(monthly change)
New home buyers saw prices decline in June
The national index decreased by 0.2% in June as compared with May. Prices were down in 10 of the 27 census metropolitan areas (CMAs) surveyed in June and unchanged in 12, while prices rose in the remaining 5 CMAs.
Builders offering incentives to encourage sales
The largest month-over-month declines were reported in Victoria (-1.3%), Vancouver (-0.6%) and St. Catharines–Niagara (-0.6%). Builders offered cash incentives or design credits for the purchase of a new home, as the market remained muted in June. More newly built homes were available in the market, as the inventory of unsold completed single-family homes increased in Victoria (+87.6%), Vancouver (+45.1%) and St. Catharines–Niagara (+35.0%) in June compared with June 2023 (Canada Mortgage and Housing Corporation data).
In June 2024, the largest month-over-month increases in new home prices were recorded in the relatively affordable markets in Canada, such as St. John's (+0.9%), Calgary (+0.8%) and Saskatoon (+0.8%).
Chart 1
New Housing Price Index
National new home prices edged down year over year in June
Year over year, the national index declined by 0.2% in June. Annually, new home prices were down in 16 of the 27 CMAs surveyed.
The largest year-over-year declines in June were registered in Ottawa (-4.4%) and Kitchener–Cambridge–Waterloo (-2.5%), while the largest increases were in Calgary (+4.6%) and Trois-Rivières (+3.1%).
Chart 2
New house prices decline at the national level
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Note to readers
The New Housing Price Index (NHPI) measures changes over time in the selling prices of new residential houses. The prices are those agreed upon between the contractor and the buyer at the time the contract is signed. The detailed specifications for each new 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, such as the federal goods and services tax and the provincial harmonized sales tax.
The survey covers the following dwelling types: new single homes, semi-detached homes and townhouses (row or garden homes). The index is available at the national and provincial levels and for 27 census metropolitan areas (CMAs).
The index is not subject to revision and is not seasonally adjusted.
Products
The Technical Guide for the New Housing Price Index (NHPI) is available. This document provides details on the methodology used to calculate the NHPI.
The New Housing Price Index: Interactive Dashboard, which allows users to visualize statistics on new housing prices, is available.
The Housing Market Indicators dashboard, which provides access to key housing market indicators for Canada, by province and by CMA, is also available.
For more information on the topic of housing, visit the housing statistics portal.
The video Producer Price Indexes provides an introduction to Statistics Canada's Producer Price Indexes—what they are, how they are compiled and what they are used for.
Statistics Canada launched the Producer Price Indexes Portal as part of a suite of portals for prices and price indexes. It provides users with a single point of access to a wide variety of statistics and measures related to producer prices.
Next release
The New Housing Price Index for July will be released on August 20.
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; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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