Canada new home prices increase in January
According to the Statistics Canada-The New Housing Price Index (NHPI), new home prices rose 0.1% in January, following an identical increase in December.The advance was led by higher new home prices in Vancouver and the combined region of Toronto and Oshawa. The increase was largely moderated by lower or unchanged prices in two-thirds of the metropolitan areas.
Vancouver (+0.4%) was the top contributor to the national increase in January, while London (+0.5%) recorded the largest monthly price gain.New home prices in Vancouver have been rising for eight straight months.
In London, builders reported increased material and labour costs as well as higher development costs. This was the largest monthly price increase in London since December 2014.
The combined region of Toronto and Oshawa recorded a 0.2% price increase in January.Prices in the region have been increasing for 12 consecutive months.