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October 2024 Sees Largest Monthly Drop in New Housing Prices Since 2009

Justin Barber

Nov 22, 2024 — 1 min read

The New Housing Price Index (NHPI) for October 2024 has been released by Statistics Canada. The index, which measures changes in the selling prices of new residential houses, showed a national decline of 0.4% compared to the previous month. This marks the largest monthly decrease since April 2009.

The NHPI tracks the prices agreed upon between contractors and buyers at the time of contract signing, excluding value-added taxes. It covers new single homes, semi-detached homes, and townhouses across Canada.

In October, prices decreased in nine of the 27 census metropolitan areas (CMAs) surveyed, remained unchanged in 11, and increased in seven. Notably, Toronto and Vancouver experienced significant monthly declines of 1.2% and 0.6%, respectively. Builders in these areas attributed the decreases to weak market conditions and offered incentives to boost sales.

The Bank of Canada's decision to lower its policy interest rate in September 2024 to 4.25% from 5.0% in September 2023 has reduced borrowing costs for home buyers. Despite this, the market conditions remain challenging in several regions.

The NHPI is not subject to revision and is available at national and provincial levels, as well as for specific CMAs.

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Ontario Allocates $92 Million for Provincial Research Initiatives

Ontario Proposes Legislation to Enhance Firefighter Cancer Coverage

Weather report for Nov 23, 2024

Commercial Vehicle Safety Inspections Lead to Multiple Charges