The nationwide New Housing Value Index (NHPI) dropped by 0.1% from November to December, with worth declines recorded in seven of the census metropolitan areas (CMAs) tracked by StatCan.
Higher Sudbury noticed the largest month-over-month drop in December at -0.7%, adopted by Calgary and Toronto, each down by -0.4%. These worth declines have been pushed by builders providing extra incentives and negotiating decrease costs in these markets, StatCan stated.
The biggest month-to-month achieve was within the mixed area of Saint John, Fredericton, and Moncton (+0.6%).
Since 2019, new house costs have steadily risen, with a pointy spike in 2021 and 2022. Since mid-2022, development has slowed, and costs have largely leveled off by means of December 2024.
New Housing Value Index
New house costs up barely year-over-year
On a year-over-year foundation, nonetheless, the index noticed a modest enhance of 0.1%. Calgary and Québec stood out with the very best annual worth jumps, up 3.9% and three.8%, respectively.
In distinction, areas like Kitchener–Cambridge–Waterloo and Ottawa noticed the biggest year-over-year worth declines, down 1.4% every, as extra unsold new houses hit the market and put downward strain on costs.
The NHPI tracks modifications within the promoting costs of recent residential houses, together with single-family houses, semi-detached houses, and townhouses. It displays the costs agreed upon between builders and consumers, excluding taxes like GST and HST, and isn’t seasonally adjusted.
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Final modified: January 24, 2025