New-home prices in Canada rose in July, driven by gains in Torontoâ€™s robust housing market, data from Statistics Canada showed on Thursday.
The new housing price index rose by 0.1 percent, slightly short of analystsâ€™ forecasts for a gain of 0.2 percent. Compared with the year before, prices were up 1.3 percent.
The Toronto and Oshawa region led the gain, rising 0.3 percent on the month, with builders citing market conditions and higher labour costs.
Prices in Vancouver, another hot market, also increased by 0.3 per cent. But Calgary, which is sensitive to Canadaâ€™s weakened energy sector, was among the biggest decliners, down 0.3 per cent.
The new housing price index excludes apartments and condominiums, which economists are watching closely and account for one-third of new housing.Read more Back