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- Canadian New House Pice Index lower than expectations in November
Canadian New House Pice Index lower than expectations in November
The New Housing Price Index (NHPI) rose 0.2% in November compared with the previous month. The advance was largely driven by price increases for new housing in Ontario.
Among the 21 census metropolitan areas (CMAs) surveyed, new housing prices were up in 10, down in 4 and unchanged in 7.
London (+1.3%) and Hamilton (+0.7%) recorded the largest price gains among the CMAs covered by the survey. Builders in both CMAs reported improving market conditions and higher construction costs as reasons for the increases. This was the largest monthly rise in London since March 2010.
Prices also rose in Kitchener-Cambridge-Waterloo (+0.5%), the combined region of Toronto and Oshawa (+0.4%) and Calgary (+0.4%). Builders in Kitchener-Cambridge-Waterloo cited market conditions and higher construction costs as reasons for the gain.
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