Technical Guide for the New Housing Price Index (NHPI)

This article presents the data sources and methodology for the New Housing Price Index (NHPI). The NHPI measures the monthly changes in the price of new residential homes in Canada represented by 27 Census Metropolitan areas and Census agglomerations. The NHPI is used by economists, academics, and the general public to monitor trends in this important component of the construction sector. Within Statistics Canada, components of the series are used in the calculation of some elements of the Consumer Price Index. In addition, the series are used by the Canada’s System of Macroeconomic Accounts for deflating the value of the national housing stock.