March 12, 2011
Statistics Canada reported this week that the New Housing Price Index (NHPI) rose 0.2 percent in January following a 0.1 percent rise in December.
Good market conditions were responsible for the rise in Hogtown and The Shwa, while higher material and labour costs accounted for Montreal’s rise.
Year over year, the nation was up 1.9 percent – again due largely to the healthy market across the GTA.
The graphic above shows the evolution of the NHPI since January 2008, while the following graphic breaks the year over year numbers down by city.
“The New Housing Price Index measures changes over time in the selling prices of new residential houses agreed upon between the contractor and the buyer at the time of the signing of the contract. It is designed to measure the changes in the selling prices of new houses where detailed specifications pertaining to each house remain the same between two consecutive periods.”
And now you know.