The New Housing Price Index (NHPI) rose 0.1% in July, following a 0.2% increase in June.
The metropolitan region of Calgary was the top contributor to the advance. Some builders reported that increased material and labour costs were the main reason for higher prices.
The largest monthly price advance in July occurred in the metropolitan region of St. John's (+0.6%), followed by St. Catharines–Niagara and Halifax (both up 0.4%). In St. John's and St. Catharines–Niagara, the increase was primarily the result of higher material and labour costs. In Halifax, the main reason for the advance was market conditions.
Prices were unchanged in 6 of the 21 metropolitan regions surveyed in July. Monthly prices declined 0.3% in Windsor as a result of lower negotiated prices. Prices fell 0.2% in Kitchener–Cambridge–Waterloo as well as Victoria, as some builders recorded lower negotiated selling prices.
Regina posts the highest year-over-year price increase
On a year-over-year basis, the NHPI rose 2.3% in the 12 months to July, following a similar year-over-year increase the previous month. The main contributor to the advance was the combined metropolitan regions of Toronto and Oshawa.
The largest year-over-year increases in contractors' selling prices occurred in Regina (+4.7%), Toronto and Oshawa (+4.6%), and Winnipeg (+4.4%).
Other significant year-over-year increases occurred in Kitchener–Cambridge–Waterloo (+3.3%) and Québec (+3.1%).
Among the 21 metropolitan regions surveyed, 4 posted 12-month price declines in July. The largest decrease was in Victoria (-2.9%).