According to Statistics Canada, the New Housing Price Index (NHPI) rose 0.1 percent in January, following an identical increase in December. The advance was led by higher new home prices in Vancouver and the combined region of Toronto and Oshawa. The increase was largely moderated by lower or unchanged prices in two-thirds of the metropolitan areas.
Builders in Vancouver cited new list prices and market conditions as the main reasons for the advance. New home prices in Vancouver have been rising for eight straight months. In London, builders reported increased material and labor costs as well as higher development costs. This was the largest monthly price increase in London since December 2014.
Prices were unchanged in 12 of the 21 metropolitan areas surveyed, including Victoria, Edmonton, Calgary, Ottawa–Gatineau, Montréal and Halifax.
The NHPI increased 1.8 percent over the 12-month period ending in January, the largest year-over-year increase at the national level since August 2013.