New Housing Price Index - October 13, 2010

The New Housing Price Index (NHPI) for Canada increased 0.1 per cent in August following a 0.1 per cent decline in July. New home prices in Canada exhibited more stability than many analyst expectations given the implementation of the HST in July to Ontario and BC. Compared to August 2009, the NHPI was up 2.9 per cent across the country.

The NHPI also increased 0.1 per cent in Vancouver during August compared to July. Year-over-year in August the NHPI in Vancouver climbed 4.4 per cent. Meanwhile, in Victoria, contractors reported no change in their selling prices between July and August. Year-over-year, the NHPI in Victoria declined by 0.4 per cent.

Statistics Canada's NHPI is calculated for Vancouver and Victoria only in British Columbia. The survey of home builders used to derive the index counts market selling prices less any value added taxes, such as the HST.