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Canada. New Housing Price Index (NHPI) up

The New Housing Price Index (NHPI) rose 0.1% in October following a 0.2% advance in September.

The top contributors to the NHPI monthly increase in October were Toronto and Oshawa, as well as Vancouver.

Between September and October, prices increased the most in Saskatoon (+0.8%) followed by Greater Sudbury and Thunder Bay (+0.5%).

In Saskatoon, prices rose mostly as a result of higher labour costs.

In Sudbury and Thunder Bay, the increase was due in part to builders moving to new areas with higher land development fees.

In October, prices remained unchanged in 9 of 21 census metropolitan areas.

Prices decreased in Calgary (-0.6%), London (-0.3%), Victoria (-0.2%) and Regina (-0.1%).

In Calgary, a few builders offered discounts in order to spur sales in October, while in London, some builders recorded lower negotiated selling prices.

Year-over-year, the NHPI was up 2.5% in October following a 2.7% increase in September.

The main contributors to the year-over-year increase of the NHPI in October were Toronto and Oshawa, Montréal and Vancouver.

Year-over-year, Regina recorded a 6.0% advance and has been posting the largest 12-month increase since May 2010.

Compared with October 2009, contractors' selling prices were also higher in Winnipeg (+5.2%), St. John's (+4.9%) and Montréal (+4.3%).

Among the 21 census metropolitan areas surveyed, 4 registered 12-month declines in October: Charlottetown (-1.6%) followed by Greater Sudbury and Thunder Bay (-1.2%), Victoria (-0.8%) and Windsor (-0.7%).

© Statistics Canada -

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