Canada new home prices were unchanged in April of 2019 for a third consecutive month, and in line with market expectations. The largest declines in prices were in Regina (-0.8%), Calgary and Victoria (each down 0.6%), as well as in Saskatoon (-0.5%), amid deteriorating market conditions. New home prices in Vancouver (-0.2%) and Toronto (-0.1%) were also down, mainly due to to lower negotiated selling prices and market conditions. In contrast, Ottawa (+0.5%), Gatineau and London (each up 0.4%) reported some gains in April, tied to higher construction costs and market conditions. Year-on-year, new home prices went up 0.1 percent, the same pace as in the prior month. Housing Index in Canada averaged 67.19 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.