New Housing Price Index (July 2010)

Published on by Association des Propriétaires du Québec

Topic(s): Real estate

Source: Statistics Canada

New Housing Price Index (July 2010)

The New Housing Price Index (NHPI) decreased 0.1% in July following a 0.1% increase in June. This was the first decrease at the Canada level in 13 months.

The top contributors to the NHPI monthly decrease were Vancouver, London and Greater Sudbury and Thunder Bay.

Between June and July, prices decreased the most in Greater Sudbury and Thunder Bay (-1.9%), London (-1.8%) and Windsor (-1.5%). In these cities, as well as in Hamilton and St. Catharines–Niagara, prices decreased partly as a result of the introduction of the Harmonized Sales Tax, which is excluded from the calculation of the NHPI.

In July, prices increased in 3 of the 21 metropolitan areas. The largest increase recorded was in Kitchener–Cambridge–Waterloo (+0.6%), where builders increased their prices as a result of competitive market conditions.

Year over year, the NHPI was up 2.9% in July following a 3.3% increase in June.

The main contributors to the year-over-year increase were Toronto and Oshawa as well as Vancouver.

The largest year-over-year increase was recorded in Regina (+6.9%), followed by St. John's (+6.1%) and Winnipeg (+5.0%).

Compared with July 2009, contractors' selling prices were also higher in Ottawa–Gatineau (+4.7%), Vancouver (+4.5%) and Saskatoon (+4.0%).

Among the 21 metropolitan areas surveyed, 3 registered 12-month declines in July: Charlottetown (-2.1%), Windsor (-2.0%) and Greater Sudbury and Thunder Bay (-1.7%).

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