Home Prices Lifted by Higher Price Tags in B.C.

Higher new home prices in British Columbia were responsible for most of the national gain in September, while results in the rest of Canada were mixed.

Figures released by Statistics Canada Thursday showed new house prices in Canada rose 0.2% in September, largely reflecting increases in the census metropolitan areas (CMAs) of Kelowna (+0.9%) and Vancouver (+0.7%). Builders attributed the rise to improved market conditions.

Prices for new homes in most Southern Ontario CMAs were unchanged in September, except for Oshawa (+0.9%), St. Catharines–Niagara (+0.6%) and London (+0.2%). Toronto and Guelph each reported a fourth consecutive month of no price change.

In Alberta and Saskatchewan, new house prices declined in all four surveyed CMAs, with Regina (-0.3%) recording the largest decrease.

In September, the agency said, new house prices in Canada rose 3.8% year over year for a third consecutive month.