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.

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Canada New Housing Price Index MoM



Calendar GMT Actual Previous Consensus TEForecast
2022-12-16 01:30 PM Nov -0.2% -0.2% -0.3%
2023-01-23 01:30 PM Dec 0% -0.2% -0.2% -0.3%
2023-02-16 01:30 PM Jan -0.3%

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
0.00 -0.20 3.10 -1.90 1981 - 2022 percent Monthly
NSA

News Stream
Canada New Home Prices Stable in December
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.
2023-01-23
Canada House Prices Fall for Third Month
New home prices for Canada declined 0.2% month-over-month in November of 2022, the same as in October, and marking a third consecutive month of falls, amid deteriorating market conditions and decreased construction costs. Sudbury, Saskatoon, Ottawa, and Montréal (all down 0.5%) recorded the largest month-over-month decreases in new home prices. In contrast, Québec (+0.2%) was the only region to record an increase. Year-on-year, home prices rose at a slower 4.1%, compared to 5.1% in October.
2022-12-16
Canada New Home Prices Fall for 2nd Month
New home prices for Canada were down by 0.2 percent from a month earlier in October of 2022, following a 0.1 percent decline in September. It was the first consecutive monthly decrease in the index since July 2019, with higher interest rates denting buyers' appetite. Prices fell the most in Vancouver (-0.8 percent), the first decline in the region since June 2021. Also, a sizable drop was reported for Edmonton (-0.6 percent), the sharpest since July 2019. On the other hand, Montréal and Québec recorded the most significant price increases for new homes (both 0.4 percent) among the 27 CMAs surveyed.
2022-11-22