New House Prices in Canada Rise 0.2% in February

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

Analysts in a Reuters poll had forecast a 0.1 percent increase from January. Compared with February 2015, prices grew by 1.8 percent.

The Toronto and Oshawa region, which accounts for 27.9 percent of the entire Canadian market, posted a 0.4 percent advance. Prices in Vancouver, which makes up 13.0 percent of the market, rose by 0.8 percent, the most since September 2009.

Builders in both regions cited new list prices and market conditions as the main reasons for strength.

The western city of Calgary, capital of Canada’s struggling energy industry, saw prices fall by 0.5 percent, the largest decline since July 2011.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza