November 10, 2016 / 1:37 PM / in a year

Canada new housing prices rise on Toronto, Vancouver strength

OTTAWA (Reuters) - Canadian new housing prices rose by 0.2 percent in September from August, the 18th consecutive increase, on continued strength in the major markets of Toronto and Vancouver, Statistics Canada said on Thursday.

A man works on a new construction home in Kitimat, in northwestern British Columbia on April 13, 2014. REUTERS/Julie Gordon

The advance matched the forecast of analysts in a Reuters poll.

Prices in the combined Toronto-Oshawa region, which accounts for 27.92 percent of the Canadian market, climbed by 0.3 percent. Vancouver prices increased by the same amount and in both cities, builders cited market conditions as one of the reasons for the gain.

The federal government, concerned by what it says are signs the two markets are overheating, last month said it would tighten mortgage rules and close a tax loophole on home sales.

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

Reporting by David Ljunggren; Editing by Bernadette Baum

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