According to Statistics Canada, buyers of new homes in Canada saw prices rise 0.8 percent in April, the largest monthly increase since May 2016.
Toronto (+2.1 percent) and several surrounding census metropolitan areas (CMAs) in Ontario posted the largest gains of the 13 CMAs with price increases in April. Builders in Toronto tied the rise to favorable market conditions and a shortage of developed land. Prices were down in two metropolitan areas—Halifax and Edmonton both posted 0.2 percent declines—and were unchanged in 12.
New house prices in Canada increased 3.9 percent over the 12-month period ending in April. The national rise was the largest since May 2008 and was led by the increase in Toronto (+9.9 percent). Declines were recorded for six metropolitan areas, with St. John's (-0.7 percent) and Edmonton (-0.6 percent) posting the largest decreases.