Canada’s new home prices tick up 1%, led by Calgary
By Greg Quinn
Bloomberg News 13/07/11
Canada’s new home price index rose in May led by Calgary and cities in Ontario, the government statistics agency said.
The 0.1% national gain was led by a 0.9% increase in Calgary, Statistics Canada said Thursday in Ottawa. Prices also rose 0.6% in the Ontario cities of St. Catharines-Niagara, Sudbury and Thunder Bay.
Economists predicted the index would rise 0.2% on the month, according to the median estimate in a Bloomberg survey with nine responses. From a year earlier, new home prices increased 1.8% in May.
Other reports this week have shown housing-market strength as officials warn consumers not to become overextended with mortgage debt. Building permits rose a fifth month in May while housing starts fell less than economists predicted in June.
Thursday’s data showed prices in Toronto, the nation’s largest city by population, increased 0.2%. Montreal, the second largest, saw house prices climb 0.3% while those in Vancouver, the third-largest, fell 0.2%.
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