Canada new housing price index
- Prior month -0.1%
- The national index for new home prices in Canada increased by 0.1% month over month in May, marking the first increase since August 2022.
- Prices were up in 6 out of the 27 census metropolitan areas (CMAs) surveyed, down in 8 CMAs, and unchanged in the remaining 13 CMAs.
- Builders cited increased construction costs as the reason for the price growth in the Québec, Calgary, and Kelowna CMAs, which saw the largest month-over-month increases.
- Sudbury and Sherbrooke reported the largest month-over-month decreases, with weak market conditions as the reason for the decline.
- Nationally, new home prices were down 0.6% year over year in May, influenced by high interest rates impacting housing market activity.
- Victoria recorded the largest year-over-year decline in new home prices, followed by St. Catharines-Niagara and Edmonton.
- On the other hand, the Québec, Charlottetown, and St. John's CMAs reported the largest year-over-year increases in new home prices.
Adam Button discussed the dilemma facing the housing market in a post yesterday as supply continues to be the major problem. You can read about it by CLICKING HERE