Canadian Housing Prices Rose 0.2% in November

New home prices in Canada rose by 0.2 percent in November from October, pushed up by strength in the major regions of Toronto and Vancouver, Statistics Canada said on Thursday.

The increase matched analysts’ expectations in a Reuters poll. Compared with November 2014, prices grew by 1.6 percent, the largest year-on-year increase since the 1.7 percent recorded in December 2014.

The Toronto and Oshawa region, which accounts for 28.8 percent of the overall Canadian market, posted a 0.2 percent gain while Vancouver saw a 0.5 percent jump. Builders in both markets cited market conditions as the main reason for growth.

Prices grew by 0.1 percent in Calgary, capital of Canada’s energy industry, where the housing market has been hard hit by the slump in oil.

Prices increased in 11 of the 21 metropolitan areas, were unchanged in three and fell in seven.

The new housing price index excludes apartments and condominiums, which the government says are a particular cause for concern and which account for one-third of new housing.

via Reuters

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