Prices of new homes in Canada advanced by 1.1% from the previous month in March of 2021, following one of the largest monthly increases on record in February and slightly below market expectations of a 1.4% rise. Builders in most cities tied the increase in home prices to higher construction costs and shortages of construction materials. At the same time, the strong demand for new houses, fueled by lower borrowing costs and work from home restrictions, continued pushing up new home prices. As many home owners looked for larger living spaces, first-time home buyers also rushed to enter the market. Shortages of homes available on the market have also been creating competition between potential buyers, with some builders only releasing a few lots at a time. New house prices were up in 23 of the 27 census metropolitan areas, particularly in Charlottetown (3.4%). Year-on-year, new house prices jumped 7.9%, the steepest increase since May of 2007. source: Statistics Canada
Housing Index in Canada averaged 69.01 points from 1981 until 2021, reaching an all time high of 112.30 points in March of 2021 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 April of 2021.
Housing Index in Canada is expected to be 112.00 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 114.50 in 12 months time. In the long-term, the Canada New Housing Price Index is projected to trend around 115.00 points in 2022 and 118.00 points in 2023, according to our econometric models.