Find out which markets saw prices climb
New home prices in Canada were up by 0.2% last month, latest Statistics Canada (StatCan) data has shown, with 10 out of 27 census metropolitan areas (CMAs) seeing prices climb.
The national statistics agency’s New Housing Price Index for July showed that prices remained unchanged in 13 CMAs and fell in the remaining four.
The cities of Calgary, Edmonton, Kelowna, and Regina recorded a 0.8% increase in new home prices – the largest month-over-month increases in July, StatCan noted. This was caused in part by rapidly growing populations, which fuelled the increase in the demand for new housing.
Based on the latest StatCan census, Alberta had the largest quarterly population growth recorded among Canada’s provinces at 1.0%. Meanwhile, British Columbia has the fourth largest spike in population growth at 0.4%, the StatCan said.
On the other hand, the largest monthly price declines in new home prices in July were recorded in Kitchener, Cambridge, and Waterloo, where prices slipped by 0.5%, and Ottawa by 0.2%.
Year-on-year house prices in July also up
According to StatCan, the entire nation’s house pricing index increased by 0.1% year over year in July, marking the first annual jump in the index series since March 2023.
“New home prices were up in 12 of the 27 CMAs surveyed in July 2024,” StatCan stated.
Based on statistics, the largest year-over-year increases in July were registered in Calgary at 5.2%, Trois-Rivières up by 3.1% and Edmonton at +2.0%.
On the other hand, Ottawa (-4.1%) reported the largest year-over-year decline in July, followed by Kitchener–Cambridge–Waterloo (-2.7%) and Winnipeg (-1.4%).
The new housing price index measures changes over time in the selling prices of new residential homes, with the prices defined as those agreed between buyer and contractor at the time of contract signing.
The survey included new single homes, semi-detached homes, and townhouses (row or garden homes).
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