New home prices edge up slightly in July, first annual increase in 15 months: StatCan

According to Statistics Canada, the cost of buying new homes in Canada in July increased by 0.1% compared to last year. This is the first annual increase since March 2023.

The Newly Built Home Price Index (NHPI), which measures builders' sales prices for new residential homes, showed that prices also rose 0.2 percent in July from the previous month.

The monthly increase was particularly evident in the province of Alberta, where prices jumped 0.8% in the month. Over the past year, new home prices in Alberta have outpaced other provinces with a 3.9 percent increase.

New home prices have slowly returned to summer 2023 levels, although prices are still 0.9% below their August 2022 peak.

Across Canada:

Newly built homes in British Columbia were 0.3% more expensive in July than in June.

Alberta continues to see new home prices rise, especially in Calgary, where prices rose 5.2 percent last year.

In Saskatchewan, we saw a monthly increase of 0.4%, which also reflects price growth over the past year. However, prices in Regina remain below year-ago levels.

The province of Quebec also saw a slight increase in prices, although the Sherbrooke region experienced a 1.2% price drop last year.

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