UPDATE 1-Canada new housing prices increase by 0.1 percent in October

Thu Dec 11, 2014 8:35am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(Adds details of release, background)

OTTAWA Dec 11 (Reuters) - New housing prices in Canada rose 0.1 percent in October from September, the third consecutive month-on-month increase, on strength in the Vancouver metropolitan area, Statistics Canada said on Thursday.

The result matched analysts' expectations. Prices in the Vancouver area grew by 0.4 percent, the largest jump since an identical increase in April 2010, on higher material costs and good market conditions.

Vancouver accounts for almost 12 percent of the overall market. Prices in the combined region of Toronto and Oshawa, which represent a 28 percent slice, increased by 0.1 percent.

Month on month, prices were up in eight of the 21 major metropolitan regions, down in three and unchanged in 10. The new housing price index rose by 1.6 percent compared with October 2013.

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

(Reporting by David Ljunggren; Editing by Jeffrey Benkoe)