Report: New home prices rise surprisingly in August

Oct. 13, 2010 | Market Update | By Aaron Rossetti

Financial Post -- New home prices edged up unexpectedly in August, led mainly by increases in Eastern Canada, Statistics Canada reported Wednesday.

Prices rose 0.1 per cent during the month, after declining 0.1 per cent in July, the federal agency said.

Economists had expected new home prices to decline by about 0.1 per cent in August.

The biggest monthly increases were in Hamilton, Ont. (up 0.9 per cent), Windsor, Ont. (up 0.4 per cent), and the Toronto and Oshawa, Ont., region (up 0.3 per cent).

In the West, Winnipeg recorded a gain of 0.4 per cent.

Year-over-year, prices were up 2.9 per cent in August, in line with the July level.

"The main contributors to the year-over-year increase of the NHPI (new home price index) in August were Toronto and Oshawa, Vancouver and Montreal," Statistics Canada said.

New home price index for August

(% change August from July / August 2010 from August 2009):

Canada total 0.1 / 2.9

St. John's 0.0 / 4.9

Charlottetown 0.0 / -2.2

Halifax 0.0 / 0.9

Saint John, Fredericton and Moncton, N.B. -0.1 / 2.3

Quebec City 0.0 / 2.9

Montreal 0.2 / 3.1

Ottawa-Gatineau -0.1 / 4.5

Toronto and Oshawa, Ont. 0.3 / 3.5

Hamilton 0.9 / 2.7

St. Catharines-Niagara, Ont. 0.2 / 1.3

London, Ont. 0.0 / 2.2

Kitchener-Cambridge-Waterloo, Ont. 0.0 / 1.6

Windsor, Ont. 0.4 / -1.3

Greater Sudbury and Thunder Bay, Ont. -0.1 / -1.8

Winnipeg 0.4 / 5.3

Regina 0.0 / 6.1

Saskatoon 0.0 / 3.8

Calgary -0.1 / 2.4

Edmonton 0.0 / 0.5

Vancouver 0.1 / 4.4

Victoria 0.0 / -0.4

Source: Statistics Canada



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