Ontario Drives Up the Pricing of New Homes

The price of new homes is up slightly with Statistics Canada’s New Housing Price Index climbing 0.4% in February compared to a month earlier.

The gain was driven by higher prices in Ontario where prices were higher in every one of its 10 metro areas. The largest gains were in Guelph (1.4%) and Oshawa (1.2%)  but the overall impact from a 1% rise in Toronto was greatest.

Hamilton and Victoria also saw new home prices rise 1% while Calgary declined 0.2% and Vancouver was down 0.1%.

On a 12-month basis, the NHPI was up 3.3% driven by an 8.6% year-over-year rise in Toronto. Victoria, St. Catharines-Niagara and Windsor saw gains above 6%.

Six metros saw new home prices fall, driven by lower prices in Alberta and Saskatchewan.

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Original article created by Canadian Real Estate Wealth.