The New Housing Price Index (NHPI) measures changes over time in the selling prices of new residential houses. The prices are those agreed upon between the contractor and the buyer at the time the contract is signed. The detailed specifications for each new house remain the same between two consecutive periods. New home prices decreased the most month over month in September in Montréal (-0.7%), Edmonton (-0.7%) and Kelowna (-0.6%), with builders noting weak market conditions and reduced construction costs as the reasons for the declines. These were the first reported monthly declines in these three CMAs since June. O ... (full story)