Price of new housing dipped slightly in June: Statistics Canada

The cost of a new house was slightly cheaper in June compared to May, according to Statistics Canada. Prices dropped 0.2 per cent month-over-month, which is the first time in 2024 that new houses have sold for cheaper than the month prior.

According to the New House Price Index (NHPI), which measures builders’ selling prices of new residential houses, prices have been gently rising so far in 2024, with the Canada-wide average up 0.3 per cent in June compared to January.

Prices overall, though, have dropped since reaching all-time highs in 2022. Compared to June 2023, prices are down 0.2 per cent year-over-year. And compared to August 2022, when prices peaked, the NHPI is down 1.1 per cent.

Across Canada

The chart below details the current NHPI for provinces across Canada. Similar to the Consumer Price Index, the NHPI measures current new housing prices compared to prices at a fixed point in time — in this case, prices in December 2016 are measured as the baseline and set at 100.

The current index in June 2024 is 124.7, representing a 24.7 per cent increase in prices since December 2016.

Month-over-month and year-over-year changes are calculated as a percentage change in these tables. The index in Alberta, for example, rose 3.8 index points over the past year, from 117.4 in June 2023 to 121.2 in June 2024. That’s an increase of 3.2 per cent, calculated by dividing the increase of 3.8 by the starting value of 117.4 and multiplying by 100 per cent.

The overall price index in Canada has declined 0.2 per cent in the past 12 months, though some provinces have seen new housing prices rise in that time period. 

In Alberta, prices were up 0.5 per cent month-over-month, and are up 3.2 per cent in the past 12 months. 

Prices saw the steepest monthly drop in British Columbia, where the index dipped 0.7 per cent in June, with prices in Victoria seeing a 1.3 per cent decrease in just one month. 

Ontario has seen an overall price decline of 1.4 per cent in the past year, and the Ontario part of Ottawa-Gatineau in particular has seen a drop in prices of 4.4 per centin the past 12 months.

Prices have been more varied in Quebec, with some regions seeing increases over the past year as others decline slightly.

Saskatchewan has also seen varied pricing, with the index in Saskatoon this year increasing by 0.8 per cent,while Regina has decreased 1.7 per cent.