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New Housing Price Index (July 2011)

New Housing Price Index (July 2011)

The New Housing Price Index (NHPI) rose 0.1% in July, following a 0.3% advance in June.

The metropolitan region of Toronto and Oshawa was the top contributor to the increase in July.

Evolution of the New Housing Price Index

Between June and July, Charlottetown (+1.3%) posted the largest increase followed by Toronto and Oshawa (+0.4%).

In Charlottetown, the price increases were primarily the result of some builders re-evaluating their current prices and others moving to new phases of development. Builders in the metropolitan region of Toronto and Oshawa cited good market conditions as the main reason for the price increase.

In July, prices remained unchanged in 6 of the 21 metropolitan regions surveyed.

The most significant monthly price decline was recorded in Calgary (-0.5%), as some builders offered free upgrade packages and promotional pricing to generate sales.

Year over year, the NHPI was up 2.3% in July following a 2.1% increase in June. The main contributors to the advance in July were the metropolitan regions of Toronto and Oshawa as well as Montréal.

The largest year-over-year price increase was in Toronto and Oshawa (+5.2%) followed by Winnipeg (+4.3%).

Compared with July 2010, contractors' selling prices were also higher in St. John's (+4.1%), Regina (+3.9%), Montréal (+3.3%) and Kitchener–Cambridge–Waterloo (+3.1%).

Among the 21 metropolitan regions surveyed, 5 posted 12-month price declines in July, led by Windsor (-2.7%) and Victoria (-1.6%).

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Québec Landlords Association (1)

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