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January 23, 2024NEW HOUSING PRICE INDEX, DECEMBER AND ANNUAL 2023 Monthly (December 2023 vs November 2023)
In Nova Scotia new housing prices declined by 1.2% from November to December 2023 - the largest decline among provinces. This is the first reported monthly change in Nova Scotia's new housing prices since April 2023. Nationally, prices were unchanged from November 2023. Four provinces reported a decline in new housing prices, four reported no changes and two reported gains (led by Alberta).
Year-over-year (December 2023 vs December 2022)
Nova Scotia’s new housing prices declined 1.7% from December 2022 to December 2023. Nationally, prices were down 0.9%.
New housing prices increased year-over-year only in Newfoundland and Labrador, Québec and Alberta. Among the 6 provinces reporting declining year-over-year new housing prices, Saskatchewan reported the largest decrease.
Halifax new home prices declined 1.7% year-over-year in December 2023. Among Census Metropolitan Areas, new housing prices were up year-over-year only for St. John's, Québec City, Trois-Rivières, Calgary and Vancouver. Calgary and Québec City reported the largest year-over-year gains while Ottawa and Victoria reported the sharpest year-over-year declines in new housing prices.
Annual (2023 vs 2022)
Nova Scotia new housing prices increased 0.4% on average in 2023. Nationally new housing prices edged down 0.2% despite gains in six provinces. Newfoundland and Labrador and Québec had the largest increases while Saskatchewan reported the largest decline.
Annual growth in new housing prices slowed to 0.4% in Nova Scotia in 2023, the slowest pace of growth since 2016.
Halifax's new housing price index was up 0.4% in 2023. Eleven cities reported annual average growth in new housing prices with the fastest growth in Québec City and Calgary. New housing prices declined the most in Victoria.
Source: Statistics Canada. Table 18-10-0205-01 New housing price index, monthly
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