September 10, 2015 / 12:45 PM / 2 years ago

Canadian new-home prices rise in July, pushed up by Toronto

OTTAWA (Reuters) - New-home prices in Canada rose in July, driven by gains in Toronto’s robust housing market, data from Statistics Canada showed on Thursday.

A "For Lease" sign stands in front of a home in Toronto, Canada, June 29, 2015. REUTERS/Mark Blinch

The new housing price index rose by 0.1 percent, slightly short of analysts’ forecasts for a gain of 0.2 percent. Compared with the year before, prices were up 1.3 percent.

The Toronto and Oshawa region led the gain, rising 0.3 percent on the month, with builders citing market conditions and higher labor costs.

Prices in Vancouver, another hot market, also increased by 0.3 percent. But Calgary, which is sensitive to Canada’s weakened energy sector, was among the biggest decliners, down 0.3 percent.

The new housing price index excludes apartments and condominiums, which economists are watching closely and account for one-third of new housing.

Reporting by Leah Schnurr; Editing by Bernadette Baum

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