June 9, 2016 / 12:44 PM / 2 years ago

UPDATE 1-Canada new housing prices rise at fastest pace since last October

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OTTAWA, June 9 (Reuters) - Canadian new home prices in April grew at their fastest pace in six months, rising by 0.3 percent from March on continued strength in Toronto, the country’s largest market, Statistics Canada said on Thursday.

Analysts polled by Reuters had predicted a 0.2 percent advance. April’s increase was the largest since the 0.3 percent jump recorded in October 2015.

The combined region of Toronto and Oshawa - which accounts for 27.92 percent of the entire Canadian market - posted a 0.7 percent gain while prices in Vancouver rose by 0.2 percent. Builders in both areas cited market conditions.

Prices in Calgary, capital of Canada’s struggling energy industry, were flat on the month. Overall, housing prices increased by 2.1 percent from April 2015, the largest year-on-year rise since the 2.1 percent increase in February 2013.

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

Reporting by David Ljunggren; Editing by Jeffrey Benkoe

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