There seems to be no end in sight for house prices in this country, particularly in the major centres of southern Ontario.
Figures released Thursday morning by Statistics Canada revealed that house prices rose 0.4% in July over June, driven mainly by new housing prices in the combined region of Toronto and Oshawa. Prices have increased at the national level for 16 consecutive months.
The New Housing Price Index climbed in Toronto and Oshawa by 1%, jointly making them the top contributors to the national gain, recording the largest monthly price advance among the census metropolitan areas (CMAs) covered by the survey. Builders reported market conditions and new list prices as reasons for the increase.
The agency adds other significant price increases occurred in Victoria, up 0.8%, Hamilton, up 0.7%, and Vancouver, up 0.6%. Builders cited market conditions as the main reason for the price gains in all three CMAs. This was the largest price movement observed in Hamilton since August 2015.
New housing prices rose 0.2% in Québec, following seven consecutive months of no change.
The nation's number crunchers also said lower negotiated selling prices accounted for the price declines observed in St. John's, Newfoundland, down 0.3%, and Windsor, down 0.2%. New house prices in Saskatoon declined 0.2% for a second month in a row, reflecting market conditions.
The index rose 2.8% over the 12-month period ending in July, the largest increase at the national level since August 2010.
