New home prices in Canada remained the same in December compared to the prior month, marking the fourth consecutive month that cost did not grow, and compared to expectations of a 0.2 percent decline as high mortgage rates continued to impact the market. The Bank of Canada raised the target for its overnight rate by 50bps to 4.25% in its last meeting of 2022, pushing borrowing costs to the highest since 2008. Out of the 27 census metropolitan areas, prices declined in 6 and remained unchanged in 19. Prices fell in Winnipeg, Saskatoon, London, Kelowna, and Edmonton, while edged higher in Montreal and Calgary. Year-on-year, new home costs rose by 3.9 percent, the least since October 2020. source: Statistics Canada
House Price Index MoM in Canada averaged 0.24 percent from 1981 until 2022, 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 February of 2023.
House Price Index MoM in Canada is expected to be -0.50 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.