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.