Canada's new home price index slips 0.2% in September

Posted on October 30, 2023   |  

In September, Canada saw a 0.2% drop in its national new home price index every month.

Among the 27 surveyed census metropolitan areas, 15 saw no change, 3 saw price increases, and 9 observed price drops.

On a year-over-year basis, Canadian new home prices dropped by 1.0% in September, despite the Bank of Canada keeping interest rates stable throughout the month. Nonetheless, these prices remained higher than those of September 2022.

Elevated interest rates continue exerting downward pressure on the new housing market.

The Canada Mortgage and Housing Corporation (CMHC) reported a substantial 46.4% increase in the number of completed but unsold single-family homes, including detached and semi-detached properties, across the country in September when compared to the same period in the previous year.