Prices for new housing in Canada rose by 0.2 percent in March from February on gains in Toronto and Vancouver, two of the country’s hottest markets in recent years, Statistics Canada data indicated on Thursday.
The increase matched estimates from analysts in a Reuters poll. Compared with March 2016, prices climbed by 3.3 percent, largely reflecting continued strength in Toronto.
Prices in Toronto, which accounts for 25.49 percent of the entire Canadian market, edged up by 0.2 percent in March.
Bank of Canada Governor Stephen Poloz last week said hefty Toronto home prices increases were not sustainable and had been driven in part by speculation.
Vancouver prices posted their first price increase in five months, jumping by 0.7 percent on better market conditions. Vancouver is the largest city in the Pacific province of British Columbia, where the government imposed a 15 percent property transfer tax on foreign real estate buyers last August.
via Reuters
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.