Statistics
Canada announced on Tuesday the New Housing Price Index (NHPI) rose
0.2 per cent m-o-m in July, following a 0.2 per cent m-o-m decrease in the previous month.
Economists had predicted
the NHPI to remain unchanged in July.
According to
the report, 13 out of the 27 census metropolitan areas (CMAs) surveyed recorded
a flat m-o-m performance in new home prices last month, while 10 CMAs registered
increases, and the remaining posted 4 decreases.
Calgary(+0.8
per cent m-o-m), Edmonton (+0.8 per cent m-o-m), Kelowna (+0.8 per cent m-o-m) and
Regina (+0.8 per cent m-o-m) demonstrated the largest gains in new home prices
last month, as rapidly growing population continued powering demand for new
housing. Meanwhile, Kitchener-Cambridge-Waterloo (-0.5 per cent m-o-m) and Ottawa (-0.2 per cent m-o-m) showed the biggest declines in new home
prices in July.
In y-o-y terms,
the NHPI inched up 0.1 per cent in July, following a 0.2 per cent drop in the previous month. This marked the first
annual gain in the NHPI since March 2023 (+0.2 per cent m-o-m).