In August, builders in 18 of the 27 census metropolitan areas (CMAs) surveyed reported flat or decreasing prices. The Canada-level index stood at 103.3 in August and has not risen above that mark since November 2017. Mortgage rate increases, along with tighter mortgage regulations, are likely contributing to the flatness observed across Canada.

Ottawa's new housing market (+0.6%) registered the largest month-over-month gain in August. This was the 11th consecutive monthly price rise in that CMA, coinciding with an increasingly tight resale market. According to the Canadian Real Estate Association, new listings were down 8.5% in August compared with the same period in 2017.