New House Prices Inched Up in June

Economy

 

August 31, 2017

In June, new house prices in Southern Ontario paused from their recent upward climb, curbing the national increase at 0.2%. This was down from a 0.8% increase in April and a 0.7% gain in May.

Vancouver (+1.5%) and Ottawa-Gatineau, Ontario part (+0.9%) were the top contributors to the national gain. This was the largest increase in Ottawa-Gatineau since April 2011. Builders in both metropolitan areas cited improving market conditions as the main reason for the increase. 

Overall, prices were up in 8 CMAs, down in 5 and unchanged in 14.

Toronto recorded no change in new home prices in June. The same dynamic was observed in a number of neighbouring census metropolitan areas (CMAs), with only St. Catharines-Niagara (+0.1%) and Kitchener-Cambridge-Waterloo (+0.1%) reporting minimal price increases. 

These results follow the introduction of the Fair Housing Plan by the Ontario government in April. The plan includes the 15% Non-Resident Speculation Tax, as well as other measures aimed at cooling the housing market in Ontario.

New Housing Price Index, 12-month change

New house prices in Canada rose 3.9% over the 12-month period ending in June, led by Toronto (+8.5%). Other notable year-over-year price increases were observed in Kitchener–Cambridge–Waterloo (+6.5%), London (+6.4%), Vancouver (+6.2%) and St. Catharines–Niagara (+6.0%).

Declines were recorded for five metropolitan areas, with St. John’s (-0.9%) posting the largest decrease.

Source: Statistics Canada, http://www.statcan.gc.ca/daily-quotidien/170810/dq170810a-eng.htm

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