Canada’s New Housing Price Index Rises in March

Canada’s New Housing Price Index (NHPI) rose by 7.9% on an annual basis during March, data by Statistics Canada showed on Thursday.

On a monthly basis, the index increased by 1.1%.

“The strong demand for new houses, fueled by lower borrowing costs and work from home restrictions, continued pushing up new home prices in March. As many home owners looked for larger living spaces, first-time home buyers also rushed to enter the market. Shortages of homes available on the market have also been creating competition between potential buyers, with some builders only releasing a few lots at a time.”