New Housing Price Index Rises 1.1% in May

Economy

July 24, 2017

Toronto was the largest contributor to the national gain, rising 1.1% from April to May. Builders linked higher prices to market conditions, a shortage of developed land and higher construction costs.

Prices for new houses in Vancouver rose for a third consecutive month, up 2.2% in May and the largest increase for this census metropolitan area since May 2007. Builders cited favourable market conditions as the main reason for the gain.

Builders in Guelph (+1.7%), London (+1.5%) and St. Catharines-Niagara (+0.9%) also reported market conditions as the primary driver of higher new house prices.

Prices were down in five metropolitan areas and unchanged in nine.

New Housing Price Index, 12-month change

New house prices in Canada rose 3.8% over the 12-month period ending in May, led by a 9.0% increase in Toronto.

Other notable year-over-year gains were in the Southern Ontario communities of St. Catharines–Niagara (+7.2%), Kitchener–Cambridge–Waterloo (+6.5%) and London (+6.5%).

Prices were down in six metropolitan areas, with Calgary (-0.9%) posting the largest decrease.

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