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August 21, 2020NEW HOUSING PRICE INDEX, JULY 2020 JULY 2020
Statistics Canada noted that most housing markets across Canada experienced increase in demand for new single-family homes and prices. Builders face an increase in construction costs due to supply disruptions, delays and lower efficiencies resulting from the pandemic.
New housing prices in Nova Scotia increased 0.5 per cent month over month in July 2020. At the national level, new house prices increased 0.4 per cent with the largest increase in British Columbia (0.8%). New housing prices declined in Newfoundland and Labrador (-0.3%), Saskatchewan (-0.2%) and Alberta (-0.4%).
Year-over-Year (July 2020 vs July 2019)
In Nova Scotia, new housing prices were 2.6 per cent higher than they were in July 2019. National new housing prices were up 1.7 per cent. In Canada, new housing prices have been increasing on a year-over-year basis for eight consecutive months.
In July , Quebec saw the fastest year-over-year growth in new housing prices at 5.4 per cent. New housing prices were lower in Saskatchewan (-2.0%), Alberta (-0.9%), and Newfoundland and Labrador (-0.2%).
Census Metropolitan Areas
Comparing July 2020 to July 2019, price growth among Census Metropolitan Areas was fastest in Ottawa, Montreal, and Kitchener-Cambridge-Waterloo. New housing prices declined in Regina, Edmonton, Calgary, Saskatoon, and St. John's. Halifax new housing price index increased 2.6 per cent compared to July 2019.
During the COVID-19 pandemic, comparisons of year-to-date averages and sums do not show Nova Scotia’s rapidly-changing economic situation. The DailyStats will focus on year-over-year comparisons, comparing one month with the same month in the prior year. Where possible the DailyStats will make comparisons of seasonally adjusted data from the pre-COVID-19 period (January and February 2020) with the period during which COVID-19 measures were in place from March 2020 onwards.
Statistics Canada Note: With the release of the January 2017 NHPI data, a number of important changes have been introduced to increase the relevance of the index series. The index base period, for which the NHPI equals 100, is now December 2016. The NHPI basket has been updated with new weights for the 2017 series, its coverage has been expanded to include new CMAs.
Source Statistics Canada. Table 18-10-0205-01 New housing price index, monthly
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