May new home prices beat estimates

Thu Jul 7, 2011 9:31am EDT
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OTTAWA (Reuters) - New home prices in Canada climbed 0.4 percent in May following a 0.3 percent rise in April, Statistics Canada said on Thursday.

Analysts surveyed by Reuters had on average expected a gain of 0.2 percent in the month.

Prices rose in 11 metropolitan regions, fell in three and were flat in seven.

The Toronto and Oshawa region and Montreal contributed the most to the May increase. Regina, Saskatchewan, which has a lighter weighting in the index, recorded the biggest jump with a 1.7 percent increase.

Year on year, prices were 1.9 percent higher in May for the third consecutive month.

(Reporting by Howaida Sorour and Louise Egan; Editing by James Dalgleish)

<p>A house is seen for sale on the real estate market in Toronto, April 9, 2009. REUTERS/Mark Blinch</p>