New Housing Price Index, monthly change
Prices for new homes in Ottawa rose 1.0% in October compared with a national average of 0.1%. Builders in Ottawa linked the monthly gain to improved market conditions and new phases of development. For row, single and semi-detached houses, the Canada Mortgage and Housing Corporation reported that year-to-date housing starts were 7.6% higher for Ottawa in October compared with the same period in 2016.
In Vancouver, new home buyers paid 0.3% more in October. Prices for new homes in Toronto edged up 0.1% after four consecutive months of no change.
New house prices were unchanged in 15 of 27 census metropolitan areas (CMAs) surveyed. Kitchener–Cambridge–Waterloo (-0.1%) recorded the lone decrease in October—its first since July 2015.
New Housing Price Index, 12-month change
In October, new house prices in Canada rose 3.5% year over year, down from this year’s largest increase of 3.9%.
Vancouver (+8.4%) and London (+8.1%) had the largest 12-month increases among the surveyed CMAs.
New home prices in Ottawa rose 4.6% in October—the largest year-over-year increase for this city since November 2010.
Among the four CMAs reporting price declines, St. John’s (-1.1%) recorded the largest year-over-year decrease for the third consecutive month.
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