New Housing Price Rise Marginally in October

Economy Housing 1

December 17, 2015

The New Housing Price Index (NHPI) rose 0.3% in October, following a 0.1% increase in September. The gain was largely attributable to higher new home prices in Ontario. Ten of the 21 metropolitan areas surveyed reported no price changes.

Chart 1: New Housing Price Index

Economy Housing 2

 

 

 

 

 

 

 

 

 

 

 

 

The combined region of Toronto and Oshawa (+0.5%) was the top contributor to the increase, recording the largest monthly price advance among the census metropolitan areas (CMAs) covered by the survey. Market conditions and the higher cost of land were reported by some builders as the reasons for the increase.

Prices rose 0.4% in Victoria, as builders cited higher list prices for homes in new phases of development. This was the first monthly price increase in Victoria since April 2013.

New housing prices rose 0.3% in the CMAs of Hamilton and Edmonton. Builders in Hamilton attributed the rise to market conditions, while builders in Edmonton reported higher prices to offset the cost of new building code regulations. This was the largest monthly increase in Edmonton since May 2014 and followed three consecutive months of no change.

Vancouver recorded a 0.2% price increase in October, as builders reported higher prices because of market conditions and increased material and labour costs. New home prices in Vancouver have been rising steadily for five months.
Prices were unchanged in 10 of the 21 metropolitan areas surveyed.

New housing prices in Calgary were unchanged for the third consecutive month. Builders reported that price increases to cover the cost of new building code regulations were offset by lower negotiated selling prices.

The CMAs of Saskatoon (-0.5%) and St. Catharines–Niagara (-0.3%) recorded the largest price decreases in October. Builders in both CMAs reported lower negotiated selling prices as the primary reason for the decline. This was the second consecutive monthly decrease in both areas, and the largest in St. Catharines–Niagara since October 2014.

New Housing Price Index, 12-month change

The NHPI increased 1.5% over the 12-month period ending in October. This was the largest year-over-year increase at the national level since December 2014.

Chart 2: 12-month price changes in metropolitan regions across Canada
Economy Housing 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The combined metropolitan region of Toronto and Oshawa (+4.0%) was the top contributor, recording the largest 12-month price increase in October. This was the largest year-over-year gain in the region since January 2013.

Other notable increases were observed in Hamilton (+3.6%), Winnipeg (+1.6%), Vancouver (+1.6%), Kitchener–Cambridge–Waterloo (+1.2%) and London (+1.1%).

Among the 21 metropolitan areas surveyed, 7 posted year-over-year price declines in October: Regina (-1.6%), Saskatoon (-1.1%), Calgary (-0.6%), Québec (-0.6%), Victoria (-0.5%), Ottawa–Gatineau (-0.4%) and Charlottetown (-0.1%). This was the largest year-over-year decrease in Saskatoon since January 2010, and the smallest year-over-year decline in Victoria since August 2010.

Source: Statistics Canada, www.statcan.gc.ca/daily-quotidien/151210/dq151210b-eng.htm.

 

Related Articles


Latest Articles

  • Code Question on Section 24 – Patient Care Areas

    Code Question on Section 24 – Patient Care Areas

    July 14, 2025 The rules for the installation of panelboards, circuits, and bonding in Patient Care Area depends on whether the area is designated as either, Basic Care, Intermediate Care or Critical Care. How are these areas defined? Read more on Section 24 — Health care areas Read More…

  • Ontario’s Institutional Component Drives Non-Residential Construction Intentions in May 2025

    Ontario’s Institutional Component Drives Non-Residential Construction Intentions in May 2025

    July 14, 2025 In May, the total value of building permits issued in Canada rose by $1.4 billion (+12.0%) to reach $13.1 billion. The increase in construction intentions was driven by Ontario’s institutional component (+$1.3 billion). On a constant dollar basis (2023=100), the total value of building permits issued in May increased 11.8% from the previous month and was… Read More…

  • Plan Group Partners in Construction of UHN Surgical Tower at Toronto Western Hospital

    Plan Group Partners in Construction of UHN Surgical Tower at Toronto Western Hospital

    July 14, 2025 Plan Group is proud to be a partner in the construction of the UHN Surgical Tower at Toronto Western Hospital. Plan Group will provide work on the project in: Mechanical: Plumbing, HVAC, Controls, Medical GasElectrical: Lighting & Controls, Power Distribution, Emergency Generators, UPSTechnology: Structured Cabling, AV Systems including Digital Signage and IPTV UHN’s 15-storey Surgical… Read More…

  • How Canada Can Equip Workers for a Low-Carbon Future

    How Canada Can Equip Workers for a Low-Carbon Future

    July 14, 2025 The Canadian economy is shifting towards low-carbon industries, and the workforce is shifting with it. New roles are emerging, traditional ones are evolving and the demand for skilled workers is growing fast — particularly in light of the ambitious nation-building agenda the federal government has set out. In the federal Speech from… Read More…


Changing Scene

  • OEL Apprentice Success Project Available Until March 2026

    OEL Apprentice Success Project Available Until March 2026

    July 14, 2025 With renewed funding by Ontario’s Skills Development Fund, the OEL Apprentice Success Project is now available for another year until March 2026. The project is part of OEL’s Employer Engagement Program (EEP) consisting of wage, training, and equipment subsidies for apprentices. These funding opportunities are available to OEL Members and non-Members. For… Read More…

  • EB Horsman Unveils New Mural at Campbell River Branch

    EB Horsman Unveils New Mural at Campbell River Branch

    July 14, 2025 EB Horsman & Son are thrilled to unveil a new mural at their Campbell River branch, painted by the talented Kwakwaka’wakw artist, Adam Lewis. “This stunning piece celebrates Indigenous heritage and our community spirit,” said EB Horsman on LinkedIn. “As we mark 125 years of serving Western Canada and 55 years in… Read More…

  • Glenco Electric Celebrate New Red Seal Team Members

    Glenco Electric Celebrate New Red Seal Team Members

    July 14, 2025 “The Red Seal Journeyman designation is the highest recognition in the trades, and we’re proud to have seen so many of our team members earn it under our watch,” said Glenco Electric on LinkedIn. “At Glenco, we’re big on mentorship and promoting from within. When you combine that with driven, hard-working professionals,… Read More…

  • Canada and Ontario Investing to Improve Energy Efficiency in Province’s Agri-Food Industry

    Canada and Ontario Investing to Improve Energy Efficiency in Province’s Agri-Food Industry

    July 14, 2025 The governments of Canada and Ontario are investing up to $3 million and launching the third intake of the Agricultural Stewardship Initiative (ASI) to help farmers implement projects to improve the energy efficiency of their farming operations. To support the province’s plan to protect Ontario, this funding will help local agriculture, agri-food… Read More…