December 8, 2016 / 1:45 PM / in a year

UPDATE 1-Canada new housing prices rise in Oct, lifted by Toronto

(Adds details from report)

OTTAWA, Dec 8 (Reuters) - Canadian new home prices rose more than expected in October as home values in the hot market of Toronto continued to climb, data from Statistics Canada showed on Thursday.

The 0.4 percent increase in national home prices topped economists’ forecasts for a gain of 0.2 percent. Overall, prices were up in 13 of the survey’s 21 markets.

Canada’s housing market has been robust in the years since the global financial crisis, bolstered in part by low interest rates. But a recent acceleration in prices in the major cities of Toronto and Vancouver has raised concerns some markets are becoming overheated.

Prices in the Toronto region continued to rise in October, racking up a 1.3 percent gain as builders cited market conditions, higher construction costs and a shortage of land.

Although Vancouver’s housing market has showed signs of cooling in recent months, prices there edged up 0.2 percent. Prices slipped by 0.2 percent in Calgary, where the market has slowed following the drop in oil prices.

Reporting by Leah Schnurr; Editing by Bill Trott

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