Statistics Canada releases New Housing Price Index for June

(Adobe Stock)

Statistics Canada releases the New Housing Price Index for June 2024.

New home buyers saw prices decline in June

The national index decreased by 0.2 per cent in June compared to May. Prices were down in 10 of the 27 census metropolitan areas (CMAs) surveyed in June and unchanged in 12, while prices rose in the remaining 5 CMAs.

Builders offering incentives to encourage sales

The largest month-over-month declines were reported in Victoria (-1.3 per cent), Vancouver (-0.6 per cent) and St. Catharines–Niagara (-0.6 per cent). Builders offered cash incentives or design credits for the purchase of a new home, as the market remained muted in June. More newly built homes were available in the market, as the inventory of unsold completed single-family homes increased in Victoria (+87.6 per cent), Vancouver (+45.1 per cent) and St. Catharines–Niagara (+35.0 per cent) in June compared with June 2023 (Canada Mortgage and Housing Corporation data).

In June 2024, the largest month-over-month increases in new home prices were recorded in the relatively affordable markets in Canada, such as St. John’s (+0.9 per cent), Calgary (+0.8 per cent) and Saskatoon (+0.8 per cent).

National new home prices edged down year over year in June

Year over year, the national index declined by 0.2 per cent in June. Annually, new home prices were down in 16 of the 27 CMAs surveyed.

The largest year-over-year declines in June were registered in Ottawa (-4.4 per cent) and Kitchener–Cambridge–Waterloo (-2.5 per cent), while the largest increases were in Calgary (+4.6 per cent) and Trois-Rivières (+3.1 per cent).