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January 21, 2022NEW HOUSING PRICE INDEX, DECEMBER & ANNUAL 2021 Month-over-month (Dec 2021 vs Nov 2021)
In Nova Scotia, the price of new housing remained unchanged from the previous month. Nationally, prices were up 0.2% - the slowest growth rate since June 2020. In December, new home prices increased in 16 of the 27 CMAs, remained unchanged in 10 and declined in one.
The largest month-over-month increase was in Manitoba (+2.8%). New home prices in Prince Edward Island declined 0.2%.
Year-over-year (Dec 2021 vs Dec 2020)
Nova Scotia’s new housing prices increased 7.0% from the previous year in December. Nationally, prices were up 11.6%. All provinces posted gains led by Manitoba (+22.2%).
Census Metropolitan Areas
Halifax new home prices increased 7.0% year-over-year in December 2021.
New house price growth among Census Metropolitan Areas was fastest in Kitchener-Cambridge-Waterloo (+30.7%). The slowest growth was in Trois-Rivieres (+1.8%).
Annual 2021
In 2021, Nova Scotia’s new housing prices were up 9.5%. Nationally, new home prices increased 10.3% posting the largest year-over-year gain since 1989. The pace of price growth in the first half of the year (+7.1%) was higher compared to the second half of the year (+3.1%).
Manitoba (+14.8%) and Quebec (+14.6%) saw the fastest growth while Newfoundland and Labrador (+4.2%) reported the smallest increase in 2021.
Strong demand and prince increases in building materials, especially in lumber, contributed to the increase in new home prices in 2021. According to the Canadian Real Estate Association (CREA), months of inventory were at 1.6 at the end of December, the lowest ever recorded inventory level.
Census Metropolitan Areas
In 2021, new home prices in Halifax increased 9.5%. Across Census Metropolitan Areas, the largest growth was recorded in Kitchener-Cambridge-Waterloo (+24.5%) and Ottawa (+22.5%). The slowest growth was in Sherbrooke (+1.0%).
Source: Statistics Canada. Table 18-10-0205-01 New housing price index, monthly
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