Housing prices in Canada remained on the up-and-up in April, according to figures released Thursday morning by Statistics Canada.
The agency's new housing price index rose 0.3% in April, following a 0.2% increase in March, the largest monthly advance since October and mainly driven by new housing prices in Ontario.
StatsCan explained that, of the metropolitan areas covered by the index, the top contributor to the national increase in April was the combined region of Toronto and Oshawa (+0.7%). Builders cited market conditions as the main reason for the advance.
The largest monthly price gains in April were observed in Kitchener–Cambridge–Waterloo and Victoria (both +0.8%). Builders in both metropolitan areas reported market conditions as the primary reason for the increases. This was the largest monthly price advance in Victoria since May 2007, and the largest in Kitchener–Cambridge–Waterloo since June 2012.
Other significant price gains were observed in St. Catharines–Niagara (+0.7%) and Vancouver (+0.2%). Builders in St. Catharines–Niagara reported higher material and labour costs as the main reasons for the rise, while builders in Vancouver cited market conditions.
However, prices were unchanged in eight of the 21 metropolitan areas surveyed. New home prices have been flat in Edmonton, and unchanged or falling in Calgary for five straight months.
New housing prices fell 0.2% in Saskatoon and in Windsor. Builders in both metropolitan areas cited market conditions as the main reason for the decreases. Prices have declined in Saskatoon for eight consecutive months.
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