New Housing Price Index

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July 2011 (Previous release)

The New Housing Price Index (NHPI) rose 0.1% in July, following a 0.3% advance in June.

The metropolitan region of Toronto and Oshawa was the top contributor to the increase in July.

Evolution of the New Housing Price Index

Chart description: Evolution of the New Housing Price Index

Between June and July, Charlottetown (+1.3%) posted the largest increase followed by Toronto and Oshawa (+0.4%).

In Charlottetown, the price increases were primarily the result of some builders re-evaluating their current prices and others moving to new phases of development. Builders in the metropolitan region of Toronto and Oshawa cited good market conditions as the main reason for the price increase.

In July, prices remained unchanged in 6 of the 21 metropolitan regions surveyed.

The most significant monthly price decline was recorded in Calgary (-0.5%), as some builders offered free upgrade packages and promotional pricing to generate sales.

Year over year, the NHPI was up 2.3% in July following a 2.1% increase in June. The main contributors to the advance in July were the metropolitan regions of Toronto and Oshawa as well as Montréal.

The largest year-over-year price increase was in Toronto and Oshawa (+5.2%) followed by Winnipeg (+4.3%).

Toronto and Oshawa posts the highest year-over-year price increase

Chart description: Toronto and Oshawa posts the highest year-over-year price increase

Compared with July 2010, contractors' selling prices were also higher in St. John's (+4.1%), Regina (+3.9%), Montréal (+3.3%) and Kitchener–Cambridge–Waterloo (+3.1%).

Among the 21 metropolitan regions surveyed, 5 posted 12-month price declines in July, led by Windsor (-2.7%) and Victoria (-1.6%).

Note: 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 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 Harmonized Sales Tax.

This release presents data that are not seasonally adjusted and the indexes published are final.

Available on CANSIM: table 327-0046.

Definitions, data sources and methods: survey number 2310.

The second quarter 2011 issue of Capital Expenditure Price Statistics (62-007-X, free) will be available in October.

The new housing price indexes for August will be released on October 12.

For more information, or to enquire about the concepts, methods or data quality of this release, contact Client Services (toll-free 1-888-951-4550 or 613-951-4550; fax: 1-855-314-8765 or 613-951-3117;, Producer Prices Division.