Canada. The New Housing Price Index rises

The New Housing Price Index (NHPI) rose 0.3% in October following a 0.5% increase in September. The monthly index has been increasing since July.

Between September and October, prices increased the most in Québec (+1.1%), followed by Vancouver (+0.7%). Hamilton as well as Greater Sudbury and Thunder Bay both registered 0.5% increases.

In Québec, some builders reported higher prices as a result of increased material costs, while others reported higher land prices due to the scarcity of supply.

In Vancouver, prices continued to rise as the interest of new home buyers and market conditions continued to improve.

In Hamilton as well as in Greater Sudbury and Thunder Bay, a number of builders returned to list prices after reporting lower negotiated selling prices in previous months.

In October, two cities in Canada recorded monthly decreases in new housing prices, Charlottetown (-0.7%) and Edmonton (-0.3%).

In Charlottetown, builders lowered their prices to remain competitive.

In Edmonton, developers offered discounts on lots to builders and the latter lowered their lot prices to stimulate sales.

Year over year, the NHPI was down 2.1% in October following a 2.7% decline in September. Despite the improvement observed in the NHPI, the largest decreases continued to be in Western Canada.

On the Prairies, 12-month declines were recorded in Edmonton (-10.1%), Calgary (-5.6%) and Saskatoon (-3.3%).

Year-over-year declines were also reported in the West Coast cities of Victoria (-9.2%) and Vancouver (-4.7%).

Among surveyed cities, the largest year-over-year increase was in Québec (+7.5%). Land values have been growing in this city as a result of increased demand and fewer available lots, as well as new development phases with higher land costs.

On a year-over-year basis, prices in St. John's (+6.8%) and in Saint John, Fredericton and Moncton (+3.1%) also increased. Contractors' selling prices were also higher in Montréal (+1.8%) and Regina (+1.7%).

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