Statistics Canada released its New Housing Price Index (NHPI) for September 2026 on October 22, 2026. Builders' prices for new houses slipped 0.2% from August at the national level, according to the release, with Ontario again pulling the national index lower.
- National NHPI: down 0.2% month over month in September 2026, to an index level of 120.2 (December 2016 = 100).
- Year over year: the national index was about 2.0% below September 2025 (122.7), calculated from the index levels in Table 18-10-0205-01.
- Largest provincial monthly declines: Newfoundland and Labrador (−1.2%), Saskatchewan (−0.7%) and Ontario (−0.5%). British Columbia rose 0.5%; Quebec, Manitoba and Prince Edward Island were unchanged.
- The index is not seasonally adjusted and is not subject to revision.
What the September numbers show
The NHPI tracks the contract prices builders and buyers agree on for new single, semi-detached and row homes whose specifications stay the same from one month to the next. Prices exclude GST and HST. It does not cover resale homes or condominium apartments, so it is one piece of the housing picture rather than a measure of all home prices.
Ontario remained the weakest region. Its provincial index was about 3.4% lower than a year earlier, and Toronto's index fell from 106.0 in August to 105.0 in September, roughly 4.9% below September 2025. Hamilton and Oshawa were also well below year-earlier levels. Vancouver's index rose in September but was still about 2.1% lower than a year before.
Elsewhere the picture was firmer. Quebec's index was unchanged on the month and about 1.3% higher than a year earlier, Manitoba was about 2.1% higher and Saskatchewan about 1.1% higher. All year-over-year figures in this article are calculated from the published index levels.
What it means for buyers and owners
Our interpretation: softer builder pricing in much of Ontario and parts of British Columbia gives buyers of new freehold homes more room to compare price lists and incentives. It does not mean every builder is cutting prices, and incentives such as upgrades or closing-cost credits do not always show up in a price index. The release follows a rise in the housing starts pace in September and a drop in resale activity the same month.
Buyers who signed pre-construction contracts in 2024 or 2025 in markets where the index has fallen are the most exposed. A lender bases its loan on the lower of the purchase price and the appraised value at closing, so an appraisal below the contract price can leave a gap the buyer has to cover with extra cash.
What to check next
- Get builder prices, incentives and what is included in writing before comparing projects.
- If you are closing on a pre-construction home, ask your lender early how it handles a closing appraisal that comes in below the contract price.
- Re-run your budget with the mortgage affordability calculator using today's rates, not the rate you assumed when you signed.
Statistics Canada says the October NHPI is scheduled for release on November 18.
Sources
- Statistics Canada, New Housing Price Index, September 2026, 2026-10-22. Accessed 2026-10-23.
- Statistics Canada, Table 18-10-0205-01 New housing price index, monthly, 2026-10-22. Accessed 2026-10-23.
This article is general information, not financial advice. Index figures are as published by Statistics Canada on October 22, 2026.
