Canada new home prices up 0.2 percent in September

Fri Nov 11, 2011 9:05am EST
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OTTAWA (Reuters) - New home prices in Canada increased by 0.2 percent in September, the sixth consecutive month-on-month rise, on continued strength in the heavily-populated Toronto area, Statistics Canada said on Wednesday.

The growth in the new housing price index matched analysts' expectations. Prices rose 2.3 percent in the 12 months to September and since mid-2010 have been well above the pre-recession levels of 2008.

Prices rose in eight metropolitan regions, fell in five and were flat in eight.

The Toronto and Oshawa region -- which accounts for 27.4 percent of the index -- posted a 0.3 percent advance from August. Prices in the central city of Winnipeg were up by 1.4 percent on higher material and labor costs.

Year over year, Toronto prices were up by 5.4 percent, just behind Winnipeg's 5.5 percent. The Pacific city of Vancouver, where prices have jumped in recent years, posted miserly 12-month growth of just 0.1 percent.

(Reporting by David Ljunggren; Editing by Padraic Cassidy)