New Housing Price Index rises in April

OTTAWA ― The New Housing Price Index rose 0.3% in April, following a 0.2% increase in March. This was the largest monthly advance since October and was mainly driven by new housing prices in Ontario. Of the metropolitan areas covered by the index, the top contributor to the national increase in April was the combined region of Toronto and Oshawa, with an increase of 0.7%. Builders cited market conditions as the main reason for the advance. The largest monthly price gains in April were observed in Kitchener–Cambridge–Waterloo and Victoria, both rising 0.8%. Builders in both metropolitan areas reported market conditions as the primary reason for the increases. This was the largest monthly price advance in Victoria since May 2007, and the largest in Kitchener–Cambridge–Waterloo since June 2012. Prices were unchanged in 8 of the 21 metropolitan areas surveyed. New home prices have been flat in Edmonton, and unchanged or falling in Calgary for five consecutive months.