Just the Facts
Changes in new home prices, Canada and select census metropolitan areas
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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.
Data table for Chart 1
| 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 |
Ontario Fair Housing Plan Office of the Superintendent of Financial Institutions British Columbia Affordable Housing Plan |
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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.
Data table for Chart 2
| 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 |
|
||
| 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 |
... not applicable
|
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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
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