New home prices in Canada fell by 0.1% month-on-month in April of 2023, following a flat reading in the prior month and in line with market forecasts. Prices were down or unchanged in 20 of the 27 census metropolitan areas. Prices slumped the most in London (-1%) and Guelph (-0.8%), with builders noting weak market conditions as the reason for the decline. The most expensive housing markets (Vancouver and Toronto) saw no change in new house prices during the month. Prices surged the most in Québec (+2%) and Winnipeg (+1.1%), due to the gain to construction costs. Residential construction costs have continued to climbed because of shortage of skilled labour and rising costs of materials across the construction industry. Year-on-year, new home prices in Canada fell by 0.2% in April of 2023, the first decline since November 2019, after a 0.2% rise in the prior month. Elevated borrowing costs since April 2022 continue contributing to decrease in new house prices. source: Statistics Canada

House Price Index MoM in Canada averaged 0.23 percent from 1981 until 2023, reaching an all time high of 3.10 percent in March of 1987 and a record low of -1.90 percent in February of 1991. This page includes a chart with historical data for Canada House Price Index MoM. Canada New Housing Price Index MoM - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

House Price Index MoM in Canada is expected to be -0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada New Housing Price Index MoM is projected to trend around 0.50 percent in 2024, according to our econometric models.

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Canada New Housing Price Index MoM



Calendar GMT Actual Previous Consensus TEForecast
2023-04-24 12:30 PM Mar 0% -0.2% -0.5% -0.5%
2023-05-18 12:30 PM Apr -0.1% 0% -0.1% -0.1%
2023-06-21 12:30 PM May -0.1%

Canada New Housing Price Index MoM
In Canada, New Housing Price Index (NHPI) measures changes over time in the contractors' selling prices of new residential houses, where specifications of each house remain the same between two consecutive periods.
Actual Previous Highest Lowest Dates Unit Frequency
-0.10 0.00 3.10 -1.90 1981 - 2023 percent Monthly
NSA

News Stream
Canadian New Home Prices Match Forecasts
New home prices in Canada fell by 0.1% month-on-month in April of 2023, following a flat reading in the prior month and in line with market forecasts. Prices were down or unchanged in 20 of the 27 census metropolitan areas. Prices slumped the most in London (-1%) and Guelph (-0.8%), with builders noting weak market conditions as the reason for the decline. The most expensive housing markets (Vancouver and Toronto) saw no change in new house prices during the month. Prices surged the most in Québec (+2%) and Winnipeg (+1.1%), due to the gain to construction costs. Residential construction costs have continued to climbed because of shortage of skilled labour and rising costs of materials across the construction industry. Year-on-year, new home prices in Canada fell by 0.2% in April of 2023, the first decline since November 2019, after a 0.2% rise in the prior month. Elevated borrowing costs since April 2022 continue contributing to decrease in new house prices.
2023-05-18
Canadian New Home Prices Drop Further in February
New home prices in Canada fell by 0.2% from the previous month in February of 2023, extending January’s decline by the same magnitude. It marked the sixth consecutive month without an increase in new home prices, as the tightening campaign by the Bank of Canada put upward pressure on mortgage costs and negatively impacted demand for properties. Prices were broadly unchanged or lower in 25 of the 27 census regions. On a yearly basis, new home costs rose by 1.4%, slowing from the 2.7% increase in the previous month. The Canada Mortgage and Housing Corporation reported a 44.1% jump in the amount of unsold, newly constructed single-family homes when compared to February of the previous year.
2023-03-22
Canada House Prices Unexpectedly Fall in Januay
New home prices for Canada went down 0.2% month-over-month in January 2023, after being flat in the previous month and against market expectations of a 0.1% uptick. High mortgage rates continued to impact the market by reducing housing demand and putting downward pressure on new house prices. The Bank of Canada raised the target for its overnight rate by an additional 25bps to 4.5% in its first meeting of 2023, pushing borrowing costs to the highest since 2007. In addition, the price of softwood lumber fell again in January, declining a total of 61.2% since the high in March 2022, reducing builders' construction costs. Out of the 27 census metropolitan areas, prices were down or unchanged in 25 and up in 2. Year-on-year, new home costs rose by 2.7% in January, the least since August 2020, after increasing by 3.9% in the prior month.
2023-02-22