New Housing Price Index Unchanged in August 2024

The New Housing Price Index (NHPI) for Canada remained unchanged in August 2024, as reported by Statistics Canada. The index measures changes over time in the selling prices of new residential houses. Prices were stable in 13 of the 27 census metropolitan areas (CMAs) surveyed. Increases were noted in 8 CMAs, while 6 CMAs experienced declines.

The largest monthly decreases were observed in Calgary (-0.4%) and St. Catharines–Niagara (-0.3%). This marks the first monthly decline for Calgary since January 2024. Year-over-year, Calgary saw the largest increase at 4.1%, followed by Trois-Rivières at 3.1% and Edmonton at 2.1%. Conversely, Kitchener–Cambridge–Waterloo and Ottawa both saw the largest year-over-year declines at 2.8%, followed by Sherbrooke at 1.7%.

The NHPI is not subject to revision and is not seasonally adjusted. It covers new single homes, semi-detached homes, and townhouses. The prices included in the index are market selling prices less value-added taxes, such as the federal goods and services tax and the provincial harmonized sales tax.