New home prices rose in August for the fifth straight month as Canada’s housing market continued to show signs of resilience despite weaker economic growth.
Statistics Canada said Wednesday its new home price index edged up 0.1% during the month -- the same gain as in July and in line with economists’ forecasts -- led by Toronto and Oshawa, Ont.
Prices in August were unchanged in six of the 21 metropolitan regions tracked by the federal agency.
Toronto and Oshawa prices rose 0.1 per cent, while Vancouver fell 0.4% and Victoria was down 0.3% "as builders recorded lower negotiated selling prices or offered promotional pricing to generate sales," the agency said.
Year-over-year, new home prices were up 2.3% in August.
On Tuesday, Canada Mortgage and Housing Corp. reported home construction rose more than expected in September, led by multiple-units activity.
CMHC said housing starts totalled a seasonally adjusted 205,900 units during the month, following an upwardly revised 191,900 units in August. Economists had forecast overall housing starts of about 190,000 in September.
Related Stories
