Canada New Housing Price Index m/m
Canada New Housing Price Index (NHPI) m/m measures a change in selling prices of new houses in the reported month compared to the previous one. Detailed specifications pertaining to each house should remain the same between two consecutive periods (i.e. the calculation excludes housing units, the state of which has changed between two consecutive data series).
The index is calculated based on results of a monthly survey of construction companies. The survey coverage includes single homes and townhouses. The survey collects prices for the total house, as well as land and structure components. House prices include the provincial value added taxes on materials when applicable. However, the federal goods and services tax and the harmonized sales tax are excluded.
The readings are used in the calculation of some elements of the Consumer Price Index. The Canada's System of Macroeconomic Accounts uses the NHPI for deflating the value of the national housing stock.
The index is of particular interest to the real estate industry for comparison with the resale market. The presented information is strictly structured on the geographical bases (by 27 metropolitan areas, which present all provinces of Canada) and is sensitive to demand and supply changes. The index is considered to be a leading indicator of the resale housing market (apartments purchased for resale will be available in the secondary market at a higher price than offered by a constructor).
The index growth indicates an increase in the real estate market activity level. It may affect CAD quotes positively.
The chart of the entire available history of the "Canada New Housing Price Index m/m" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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