Canada's Condominium Magazine
New data from Statistics Canada shows a monthly increase of 0.2 percent for the New Housing Price Index for southern Ontario for the last reported period of June 2017. (This reflects new non-highrise homes only.)
Annually, June 2017 compared to June 2016, the index is up 8.5% in Toronto (versus 3.9% in Canada):
- Toronto 8.5% up year over year for June
- Kitchener-Cambridge-Waterlook up 6.5%
- London up 6.4%
- Vancouver up 6.2%
- St. Catherines-Niagra up 6%
- Overall Canada: 3.9%
Five metropolitan areas recorded declines in the index, with St. John’s the largest decrease at 0.9%.
Month over Month: June compared to May
Taking the same index on a month to month basis, Toronto recorded no change at all, while other areas were marginal, led by Vancouver:
- Toronto 0% June 2017 to May 2017
- St. Catherines-Niagra 0.1%
- Kitchener-Cambridge-Waterloo 0.1%
- Vancouver 1.5%
- Ottawa-Gatineau (Ontario) 0.9%
Month-by-month, 8 metro areas were up, 5 were down and the remaining 14 were unchanged.
New homes only
The New Homes Price Index only measures changes in new homes (NOT including condominiums, but including townhouses) and is defined by Statistics Canada this way:
“The New Housing Price Index measures changes over time in the selling prices of new residential houses agreed upon between the contractor and the buyer at the time of the signing of the contract. It is designed to measure the changes in the selling prices of new houses where detailed specifications pertaining to each house remain the same between two consecutive periods.
The survey covers the following dwelling types: single dwellings, semi-detached houses and townhouses or row homes. The current value of the structure is independently indexed and is presented as the house series. The survey also collects contractors’ estimates of the current value (evaluated at market price) of the land. These estimates are independently indexed to provide the published series for land. The index is available at the Canada and provincial levels, and for 27 metropolitan areas.
The prices collected from builders and included in the index are market selling prices less value-added taxes, such as the federal Goods and Services Tax or the provincial harmonized sales tax.
The index is not subject to revision and is not seasonally adjusted.”