Canada New Housing Price Index1981-2020 Data | 2021-2023 Forecast | Calendar

Prices of new homes in Canada rose by 0.3 percent from the previous month in December 2020, following a 0.6 percent increase in the previous month. New home prices rose in 17 of the 27 census metropolitan areas surveyed in December, with prices in Oshawa (+3.1 percent) growing at the fastest pace. Builders in Oshawa tied the increase to strong market conditions over the past months. Employment data also supported the demand for housing in the city, as Oshawa led all CMAs in employment growth in December. At the same time, General Motors recently announced that an assembly plant will reopen in Oshawa, which is expected to create 2,300 new jobs. In contrast, Edmonton posted the only monthly decline (-0.2 percent), driven by lower negotiated selling prices. Year-on-year, new house prices advanced 4.6 percent in December, the same pace as in November, the largest increase since April 2008.

Prices of new homes in Canada rose by 0.6 percent from the previous month in November 2020, following a 0.8 percent increase in October and a 14-year high of 1.2 percent seen in September. New house prices surged in Kitchener-Cambridge-Waterloo, as well as in Ottawa (both up 2.1 percent) in November. Gatineau (2.0 percent) recorded its highest monthly increase since the introduction of this index in December 2016. Regina (-0.1 percent) reported the lone decline in the price of new homes in November. Year-on-year, new house prices advanced 4.6 percent in November, the largest increase since April 2008.

Prices of new homes in Canada rose by 0.8 percent from the previous month in October of 2020, following a 1.2 percent increase in September, which was the largest increase in home prices in 14 years. Figures came below market expectations of 1 percent. Prices rose at the fastest pace in Montréal (2.7 percent), followed by St. Catharines–Niagara and Trois-Rivières (both up 2.2 percent), due to higher construction costs and strong market conditions. New home prices have risen 3.1 percent since the beginning of the pandemic in March as borrowing rates have fallen to historic lows and buyer demand has shifted towards larger homes. There has also been increased demand for homes in cities surrounding larger urban centres such as Toronto, Vancouver and Montréal.

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.