RPS House Price Index “HPI” Update – February 2024

Articles & Reports

Spring is around the corner and the Canadian housing market is also warming up. 

This monthly newsletter is focused on summarizing news and information on the Canadian residential real estate market – with data powered by RPS Real Property Solutions Inc. (a Brookfield company).

A few things you need to know...

Canadian housing unit sales are stronger versus this same time last year, however median housing prices have continued to move slightly lower.  The recent CPI print showed that Canadian inflation eased much more than expected in January, reinforcing expected rate cuts this year: Canadian CPI (January): A welcome start to 2024.  Immigration and housing supply are still supportive for the long term housing narrative.  CIBC’s recent housing publication discusses how an accurate population growth forecast would help with the housing shortage: The Housing Crisis is a Planning Crisis.  For a broader view, see CIBC’s 2024 Canadian Housing Update: Canadian Housing Outlook – Trying Times

During the month of January, we saw:

  • January 2024 unit sales ticked slightly higher from 38,000 last month to 39,400, which is only 2% below the pre-pandemic average and 38% below the 64,000 peak in early 2021. However, this number is 18% higher than the January 2023 unit sales of 33,500 that we saw post-pandemic.
  • The January median national home price was 10.2% below its 2022 peak but remained 37% above pre-pandemic levels.

Source: Real Property Solutions (RPS), CREA

RPS House Price Index Trends

House Price Index data provided by Real Property Solutions (RPS).
House Price Index data provided by Real Property Solutions (RPS).

In case you missed it

We just launched two structured notes linked to RPS’ Toronto HPI. The notes provide investors with exposure to Residential Real Estate in Toronto and its adjoining areas, without having to transact in the underlying asset. One note provides investors with long exposure, to support their belief that Toronto housing prices will increase in a year. The second note allows investors to participate in the market if they believe the Toronto house price index will trend lower. The notes provide a way for investors to invest in the Toronto Residential Real Estate space, without the costs and administration of buying / selling / owning a house.

Learn more about Toronto HPI Long Notes here English and French.

Learn more about Toronto HPI Short Notes here English and French.

Hot off the press..

About RPS Real Property Solutions Inc.

Real Property Solutions Inc. (RPS) is a data solution provider on Canadian residential real estate.  The RPS national property data platform covers over 12 million properties across Canada.  Current clients include federally regulated financial institutions, mortgage investment companies, mortgage brokerages, government, economists.  RPS is wholly owned by Brookfield Business Partners.

RPS Home Price Index (HPI) is a broad measure of Canadian Residential home prices.  It is published on the 15th of every month and delivers a robust national view of Canadian house price trends. 

For more information visit them at: www.rpsrealsolutions.com

House Price Index data provided by Real Property Solutions (RPS).

Stay up to date on the latest RPS HPI information

Visit us and search “house” for the latest HPI notes.

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