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New Housing Price Index, November 2018

Released: 2019-01-10

New Housing Price Index — Canada

November 2018

0.0%

(monthly change)

New Housing Price Index — N.L.

November 2018

-0.4% decrease

(monthly change)

New Housing Price Index — P.E.I.

November 2018

-0.2% decrease

(monthly change)

New Housing Price Index — N.S.

November 2018

0.0%

(monthly change)

New Housing Price Index — N.B.

November 2018

0.0%

(monthly change)

New Housing Price Index — Que.

November 2018

0.3% increase

(monthly change)

New Housing Price Index — Ont.

November 2018

0.1% increase

(monthly change)

New Housing Price Index — Man.

November 2018

0.0%

(monthly change)

New Housing Price Index — Sask.

November 2018

-0.2% decrease

(monthly change)

New Housing Price Index — Alta.

November 2018

0.0%

(monthly change)

New Housing Price Index — B.C.

November 2018

-0.2% decrease

(monthly change)

New housing prices at the national level were unchanged for a fourth consecutive month.

Chart 1  Chart 1: New Housing Price Index
New Housing Price Index

New Housing Price Index, monthly change

New home builders in 18 of the 27 census metropolitan areas (CMAs) reported flat or decreasing prices in November.

The largest declines were in Regina (-0.6%) and St. John's (-0.4%), with decreases in both CMAs linked to unfavourable market conditions.

Prices in Regina and St. John's have been down or flat for 10 out of 11 months in 2018. According to the Canada Mortgage and Housing Corporation, the inventory of newly completed and unsold single-family dwellings was up in both CMAs in November compared with the same month a year earlier. Single-family dwellings include row, single and semi-detached houses.

New home prices were down in the three CMAs surveyed in British Columbia. Lower selling prices were the primary reason for the 0.3% decrease in Vancouver, while builders in Victoria and Kelowna (both down 0.1%) tied the dip in prices to promotional offers to stimulate sales.

The largest price increases in November were in Ottawa (+0.6%) and Montréal (+0.4%), with construction costs listed as the primary reason for the gain in both CMAs.

Chart 2  Chart 2: New housing prices at the national level are unchanged for a fourth consecutive month
New housing prices at the national level are unchanged for a fourth consecutive month

New Housing Price Index, 12-month change

Nationally, new house prices were unchanged year over year in November. Prices had been increasing each month on a year-over-year basis at the Canada level since January 2010.

For a sixth consecutive month, Ottawa (+4.9%) and London (+3.6%) registered the largest 12-month gains among the surveyed CMAs.

Among the eight CMAs reporting 12-month decreases in November, the largest decline was in Regina (-2.6%). Toronto saw prices drop 1.3% year over year in November. Annual price movements in this historically expensive CMA have been on the decline since April 2018.


  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: single dwellings, semi-detached houses 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 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 (CMA). 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 CMAs is available as part of the Just the Facts series.

A Historical Timeline of Canadian Producer Price Statistics

"A Historical Timeline of Canadian Producer Price Statistics," which is part of the Prices Analytical Series (Catalogue number62F0014M), was created to showcase the key milestones in the history of Canadian producer price statistics. This historical timeline contains answers to questions such as: Who collected Canada's first statistics? What do Canadian producer price indexes measure?

Infographic: Producer Price Indexes at a Glance

The infographic "Producer Price Indexes at a Glance," which is part of Statistics Canada — Infographics (Catalogue number11-627-M), demonstrates how producer price indexes for goods and services are calculated and why they are important for the Canadian economy.

Next release

The New Housing Price Index for December 2018 will be released on February 14, 2019.

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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