New Housing Price Index, September 2023
Released: 2023-10-24
September 2023
-0.2% 
(monthly change)
September 2023
0.0%
(monthly change)
September 2023
0.0%
(monthly change)
September 2023
0.0%
(monthly change)
September 2023
0.0%
(monthly change)
September 2023
-0.5%
(monthly change)
September 2023
-0.1%
(monthly change)
September 2023
0.0%
(monthly change)
September 2023
0.0%
(monthly change)
September 2023
-0.2%
(monthly change)
September 2023
-0.4%
(monthly change)
Canadian new home prices edge down in September
The national index edged down by 0.2% month over month in September. Prices were unchanged in 15 of the 27 census metropolitan areas (CMAs) surveyed, down in 9 CMAs and up in 3.
Chart 1
New Housing Price Index
Montréal and Edmonton lead the month-over-month declines in September
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.
Of the three CMAs that had price increases in September, Gatineau (+0.5%) recorded the largest rise, followed by Calgary (+0.1%) and Hamilton (+0.1%).
National new home prices remain down year over year
Nationally, new home prices declined 1.0% year over year in September. Although the Bank of Canada kept the policy interest rate unchanged in September, the rate remained high compared with September 2022. High interest rates put downward pressure on the new housing market, with the Canada Mortgage and Housing Corporation reporting 46.4% more single family homes (single detached, semi-detached, and row) completed but not sold (unabsorbed inventory) nationally in September 2023, compared with September 2022.
Ottawa recorded the largest year-over-year decline (-4.3%) in new home prices in September 2023, followed by Edmonton (-3.8%) and Victoria (-3.7%).
The largest year-over-year increases in September were reported in the Québec (+3.5%), Calgary (+2.6%), St. John's (+1.2%) and Sherbrooke (+1.2%) CMAs.
Chart 2
New house prices decrease at the national level in September
Note to readers
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.
The prices collected from builders and included in the index are market selling prices less value-added taxes, such as the federal goods and services tax and the provincial harmonized sales tax.
The survey covers the following dwelling types: new single homes, semi-detached homes and townhomes (row or garden homes). The index is available at the national and provincial levels and for 27 census metropolitan areas (CMAs).
The index is not subject to revision and is not seasonally adjusted.
Products
The Technical Guide for the New Housing Price Index (NHPI) is available. This document provides details on the methodology used to calculate the NHPI.
The New Housing Price Index: Interactive Dashboard, which allows users to visualize statistics on new housing prices, is available.
The Housing Market Indicators dashboard, which provides access to key housing market indicators for Canada, by province and by CMA, is also available.
For more information on the topic of housing, visit the Housing statistics portal.
The video Producer price indexes is available on the Statistics Canada Training Institute webpage. It provides an introduction to Statistics Canada's producer price indexes—what they are, how they are compiled and what they are used for.
Statistics Canada launched the Producer Price Indexes Portal as part of a suite of portals for prices and price indexes. It provides users with a single point of access to a wide variety of statistics and measures related to producer prices.
Next release
The New Housing Price Index for October will be released on November 21, 2023.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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