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January 11, 2018NEW HOUSING PRICE INDEX, NOVEMBER 2017 The price of new housing in Nova Scotia remained level this month, at a level of 101.1. Canada's new housing price index rose 0.1 per cent to 103.3 in November. In Canada, new housing prices have been on a general upward trend since 2009.
Nova Scotia new housing prices were 1.1 per cent above the level in November 2016. National housing prices were 3.4 per cent above their levels a year ago.
Across Canada, British Columbia (+7.6 per cent) and Ontario (+4.6 per cent) saw the fastest increases in new housing prices from November 2016 to November 2017. Saskatchewan and Newfoundland and Labrador saw declines in new housing prices.
In recent months, year-over-year growth in the Nova Scotia new housing price index has been over 1.0 per cent, though they remain well below the national average. Year over year gains have shown stronger growth since mid-2016.
Year to date, new housing prices in Nova Scotia were up 1.3 per cent compared to the first eleven months of 2016. Canadian prices were 3.6 per cent higher year to date. The highest growth in year to date prices were seen in Ontario (6.4%) and declines in year to date prices were seen in Newfoundland and Labrador, Saskatchewan, and Alberta.
Census Metropolitan Areas
Among Census Metropolitan Areas tracked by the new housing price index, November 2017 prices are growing faster around the Greater Toronto Area as well as in St. Catharines-Niagara, the Kitchener area, London, and Vancouver (year-to-date). New housing prices have declined in St. John's, Regina, Saskatoon, and Edmonton.
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 and new indexes have been published for the Toronto, Ottawa and Greater Sudbury areas. Data for periods prior to January 2017 have been obtained by linking the new NHPI series, where possible, with indexes in CANSIM table 327-0046.
Source Statistics Canada, CANSIM table 327-0056
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