The New Housing Price Index – Canada is an economic indicator which measures the adjustment in the selling price of newly constructed residents. It also reflects consumer optimism or pessimism regarding the purchase of newly built homes.
New Housing Price Index – Canada continue unchanged in April 2020 after growing 0.9% in the preceding month of March 2020. Rose in home sale price was seen in 13 out of 27 census metropolitan areas; the decline was seen in 3 and flat in 11. However, according to home-builders, the number of a new home declined by almost 64% due to coronavirus pandemic.
The most massive increase was observed in Guelph 0.6%, Kitchener-Cambridge 0.5% and Ottawa 0.4%, while Toronto and Vancouver remained unchanged. The price decline most in Calgary, Regina and Edmonton, which primarily attributed to weak market conditions.
The reading of New Housing Price Index – Canada higher than expected is taken as positive/bullish for CAD while reading lower than expected taken as negative/bearish. The report is released every month one week after the reporting month, usually at 08:30 AM (EST) by Statistics Canada.