Just the Facts
Changes in new home prices, Canada and select census metropolitan areas

Release date: October 31, 2018

Recently, the introduction of policy measures and several mortgage rate hikes have coincided with slowing price growth for new homes in some census metropolitan areas (CMAs).

Between April 2017 and February 2018, policy measures were introduced by the governments of Ontario and British Columbia in an effort to cool the housing market. During the same period, mortgage rates were also increased in Canada and tighter mortgage regulations were introduced.

Recent trends in new home prices in selected census metropolitan areas and Canada

Data table for Chart 1 
Data table for Chart 1
Table summary
This table displays the results of Data table for Chart 1 Canada, Montréal, Ottawa, Toronto, London and Vancouver, calculated using index, December 2016=100 units of measure (appearing as column headers).
Canada Montréal OttawaData table Note 1 Toronto London Vancouver
index, December 2016=100
2016
December 100.0 100.0 100.0 100.0 100.0 100.0
2017
January 100.1 100.2 100.1 100.2 100.9 99.9
February 100.5 100.4 100.2 101.2 101.0 99.8
March 100.7 100.4 100.8 101.4 101.2 100.5
AprilData table Note 2 101.5 100.5 101.1 103.5 103.2 101.7
May 102.2 100.6 101.5 104.6 104.7 103.9
June 102.4 100.6 102.4 104.6 104.6 105.5
JulyData table Note 3 102.8 100.9 102.7 104.6 105.5 107.6
August 102.9 100.9 103.1 104.6 106.6 107.6
September 103.1 101.1 103.1 104.6 106.8 108.4
October 103.2 101.3 104.1 104.7 106.8 108.7
November 103.3 101.3 104.6 104.7 107.2 108.7
December 103.3 101.3 104.7 104.7 107.3 108.9
2018
JanuaryData table Note 4 103.3 101.8 104.8 104.6 107.8 108.9
FebruaryData table Note 5 103.1 102.4 105.2 104.0 108.2 108.9
March 103.1 102.4 106.6 103.7 109.0 108.9
April 103.1 102.4 106.7 103.2 109.2 108.9
MayData table Note 6 103.1 102.5 106.8 103.2 109.5 108.9
June 103.2 103.5 107.5 103.2 109.6 109.1
July 103.3 103.6 107.6 103.3 110.1 108.9
August 103.3 104.0 108.2 103.3 110.4 108.7

In August 2018, new home prices at the national level edged up 0.4% year over year, compared to 3.8% in August of last year. More affordable cities such as Ottawa, London and Montréal experienced the largest annual increases in new home prices, while price change in the more expensive housing market of Vancouver slowed to 1.0%.

New home prices in Canada’s most populous CMA, Toronto, fell 1.2% year over year in August. Nearby CMAs such as St. Catharines-Niagara, Kitchener-Cambridge-Waterloo and Hamilton, also experienced slowing price growth.

In August 2018, Ottawa experienced the largest annual increase in new home prices

Data table for Chart 2 
Data table for Chart 2
Table summary
This table displays the results of Data table for Chart 2 August 2017 and August 2018, calculated using 12 month % change units of measure (appearing as column headers).
August 2017 August 2018
12 month % change
Canada 3.8 0.4
Montréal 1.4 3.1
OttawaData table Note 1 3.9 4.9
Toronto 6.7 -1.2
London 8.1 3.6
Vancouver 7.8 1.0

Table 1
Ranking of census metropolitan areas based on growth in new house prices
Table summary
This table displays the results of Table 1. The information is grouped by Census Metropolitan Area (appearing as row headers), Rank, New Housing Price Index
12-month % change, August 2017 and August 2018 (appearing as column headers).
Census Metropolitan Area Rank New Housing Price Index
12-month % change
August 2017 August 2018 August 2017 August 2018
Canada Note ...: not applicable Note ...: not applicable 3.8 0.4
London 1 2 8.1 3.6
Vancouver 2 10 7.8 1.0
Toronto 3 20 6.7 -1.2
St. Catharines-Niagara 4 5 6.0 1.8
Kitchener-Cambridge-Waterloo 5 15 5.8 0.1
Windsor 6 4 5.2 2.8
Hamilton 7 11 4.1 0.8
Ottawa Table 1 Note 1 8 1 3.9 4.9
Winnipeg 9 6 3.6 1.5
Victoria 10 7 3.0 1.4
Saint John, Fredericton and Moncton 11 12 2.1 0.6
Montréal 12 3 1.4 3.1
Halifax 12 8 1.4 1.3
Regina 14 21 0.6 -2.1
Calgary 15 18 0.5 -0.8
Québec 16 13 0.3 0.4
Charlottetown 16 14 0.3 0.2
Greater Sudbury 18 8 0.2 1.3
Edmonton 19 17 -0.3 -0.6
Saskatoon 20 18 -0.5 -0.8
St. John's 21 16 -0.9 0.0

Note: The New Housing Price Index (NHPI) 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. The survey covers single dwellings, semi-detached houses and townhouses or row homes. For more information, please see New Housing Price Index.

Source: Statistics Canada, Producer Prices Division, New Housing Price Index

Date modified: