Canada new home prices were unchanged in March of 2019 for a second consecutive month, and in line with market expectations. Prices were reported flat in Toronto for the second straight month while the largest decrease in March was in Victoria (-0.4%), mainly due to deteriorations in market conditions. Meantime, Vancouver home prices rose 0.1%, reversing four month of declining prices, while increases were also recorded in Gatineau (0.4%), Sherbrook and Trois-Rivières (both 0.2%), with builders trying the gains primarily to higher constructions costs. Year-on-year, new home prices went up 0.1 percent, the same as in February. Housing Index in Canada averaged 67.04 Index Points from 1981 until 2019, reaching an all time high of 103.30 Index Points in November of 2017 and a record low of 37.70 Index Points in May of 1983.
Housing Index in Canada is expected to be 103.31 Index Points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Housing Index in Canada to stand at 104.00 in 12 months time. In the long-term, the Canada New Housing Price Index is projected to trend around 106.00 Index Points in 2020, according to our econometric models.