Prices of new homes in Canada rose by 1.2 percent from the previous month in September 2020, following a 0.5 percent increase in August and easily beating market expectations of 0.5 percent. That was the largest jump in home prices in 14 years, amid higher construction costs, mainly driven by the impact of the pandemic on the demand and supply of labor and materials. The shift in buyer preference for larger homes also contributed to the rise in new housing prices. Victoria (2.5 percent) and Hamilton (2.3 percent) reported the largest monthly increases, as both metropolitan areas offer affordable and large properties relative to larger city centers and are becoming more attractive choices for potential homebuyers who are able to work from home. Other larger increases this month were in Ottawa (2.2 percent) and Charlottetown (2.0 percent). Year-on-year, new house prices increased by 3.2 percent, the biggest rise since January 2018.

Housing Index in Canada averaged 68.50 points from 1981 until 2020, reaching an all time high of 106.50 points in September of 2020 and a record low of 37.70 points in May of 1983. This page provides - Canada New Housing Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada New Housing Price Index - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Statistics Canada

Housing Index in Canada is expected to be 105.30 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 104.60 in 12 months time. In the long-term, the Canada New Housing Price Index is projected to trend around 104.30 points in 2021 and 103.80 points in 2022, according to our econometric models.

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Canada New Housing Price Index

Actual Previous Highest Lowest Dates Unit Frequency
106.50 105.20 106.50 37.70 1981 - 2020 points Monthly
2016=100, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-09-21 12:30 PM New Housing Price Index YoY Aug 2.1% 1.7% 1.9%
2020-09-21 12:30 PM New Housing Price Index MoM Aug 0.5% 0.4% 0.3% 0.2%
2020-10-21 12:30 PM New Housing Price Index MoM Sep 1.2% 0.5% 0.5% 0.3%
2020-10-21 12:30 PM New Housing Price Index YoY Sep 3.2% 2.1% 2.2%


News Stream
Canada New Housing Prices Rise Most in 14 Years
Prices of new homes in Canada rose by 1.2 percent from the previous month in September 2020, following a 0.5 percent increase in August and easily beating market expectations of 0.5 percent. That was the largest jump in home prices in 14 years, amid higher construction costs, mainly driven by the impact of the pandemic on the demand and supply of labor and materials. The shift in buyer preference for larger homes also contributed to the rise in new housing prices. Victoria (2.5 percent) and Hamilton (2.3 percent) reported the largest monthly increases, as both metropolitan areas offer affordable and large properties relative to larger city centers and are becoming more attractive choices for potential homebuyers who are able to work from home. Other larger increases this month were in Ottawa (2.2 percent) and Charlottetown (2.0 percent). Year-on-year, new house prices increased by 3.2 percent, the biggest rise since January 2018.
2020-10-21
Canada New Housing Prices Rise the Most in Over 3 Years
New house prices in Canada rose 0.5 percent over a month earlier in August 2020, following a 0.4 percent increase in the previous month and above market expectations of a 0.3 percent gain. It was the fourth consecutive rise in new house prices and the largest since May 2017. New home prices went up in most of the 27 census metropolitan areas (CMAs) on the back of increasing demand for single-family homes and higher building material costs. Some homeowners also chose to divert their summer vacation funds towards renovations and home improvements amid the physical distancing measures in place due to the coronavirus pandemic. Oshawa (+1.8%) and Québec (+1.7%) recorded the biggest gains; while prices in Halifax (+1.6%) rose for the eighth straight month. Also, cost of new homes advanced for the third successive month in Vancouver (+1%); and in Toronto increased for the second month in a row (+0.3%). Year-on-year, housing prices went up 2.1 percent, the largest rise since March 2018.
2020-09-21
Canada House Prices Rise for 3rd Month
New house prices in Canada increased 0.4 percent in July of 2020, the third consecutive monthly gain, with central Canada leading the way. In Ontario, 9 out of 10 new housing markets surveyed posted increases, while in Quebec, 4 out of 5 of census metropolitan areas recorded price gains. With more people working from home, the pandemic may have had an impact on the preference of buyers for the types of homes, including singles, semi-detached houses and townhomes, which typically offer more living space than apartments. Also, housing markets that are relatively more affordable than Toronto saw prices for new homes rise in July. A number of builders noted increasing construction costs due to supply disruptions, delays and lower efficiencies resulting from the pandemic. Hotter markets were particularly affected, including Ottawa and Montréal, where continuous delays are causing additional costs for builders. Year-on-year, housing prices went up 1.7 percent.
2020-08-21
Canada New House Prices Rise 0.1% for 2nd Month
New house prices in Canada edged up 0.1 percent for the second consecutive month in June 2020, matching market expectations, as builders entered the third full month of modified operations due to the coronavirus pandemic. Sales volumes increased from the previous month, as the real estate industry embraced new ways to serve their clients through the adoption of virtual tools and physical distancing measures, and as some builders in the residential construction industry also adapted to new technology. New house prices in St. Catharines–Niagara saw the largest increase (1.0 percent) in response to good market conditions in the region, while new home prices in Toronto were unchanged. Price of new houses in Vancouver edged up 0.1 percent, while buyers in Kelowna saw prices rise 0.4 percent. Year-on-year, new house prices rose 1.3 percent, the seventh consecutive month of gains.
2020-07-21

Canada New Housing Price Index
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.