Canadian new housing price index rises sequentially in March

Canada’s new housing price index rose sequentially in March, led by higher new house prices in Toronto and Vancouver. New house prices rose 0.2 percent sequentially in March and 3.3 percent on a year-on-year basis.

On a sequential basis, new house prices rose in 10 of the 27 metropolitan areas, with the biggest rises in Oshawa and Guelph. Vancouver contributed the most to the national rise, with prices rising 0.7 percent. Builders recorded that market conditions as the main source of the rise. This was the first rise in price seen in five months and the largest since May 2016. Meanwhile, in Toronto, prices rose 0.2 percent due to favourable market conditions.

The year-on-year rise in new house price greatly indicated higher prices for new homes in Toronto that recorded a rise of 8.4 percent year-on-year. Other notable year-on-year rises were seen in Windsor, Victoria and St. Catharines-Niagara.