June Sees Slight Dip in Canadian New House Prices Amidst 2024 Trends
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In June, the cost of new houses in Canada was slightly cheaper than in May, marking the first month in 2024 with a decline. Prices dropped by 0.2 percent month-over-month according to Statistics Canada. This contrasts with the general trend of gently rising prices in 2024, with the Canada-wide average showing a 0.3 percent increase from January to June.
Despite this recent monthly decline, prices have overall decreased from their all-time highs in 2022. Compared to June 2023, prices are down by 0.2 percent year-over-year. Since the peak in August 2022, the New House Price Index (NHPI) has fallen by 1.1 percent. The NHPI measures builders’ selling prices of new residential houses, using December 2016 as the baseline with an index value of 100. As of June 2024, the index stands at 124.7, indicating a 24.7 percent increase since December 2016.
Regional variations are notable, with Alberta seeing a 3.2 percent increase in the index over the past year, rising from 117.4 in June 2023 to 121.2 in June 2024. Conversely, British Columbia experienced the steepest monthly drop, with a 0.7 percent decline in June. In Victoria specifically, prices decreased by 1.3 percent within the month. Ontario experienced a 1.4 percent overall decline over the past year, with the Ontario part of Ottawa-Gatineau seeing a 4.4 percent drop in the same period.
Read the full article on: CTV NEWS
