According to Statistics Canada, new house prices in Canada rose 0.2 percent in September, largely reflecting increases in the census metropolitan areas (CMAs) of Kelowna (+0.9 percent) and Vancouver (+0.7 percent). Builders tied the rise to improved market conditions.
Prices for new homes in most Southern Ontario CMAs were unchanged in September. The exceptions were Oshawa (+0.9 percent), St. Catharines–Niagara (+0.6 percent) and London (+0.2 percent). 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 percent) recording the largest decrease.
In a year-on-year comparison, new house prices in Canada rose 3.8 percent in September year-over-year for a third consecutive month.
Vancouver recorded a 12-month price increase of 8.3 percent, the largest gain for this metropolitan area since July 2007. London posted an 8.1 percent year-over-year increase, matching the gain in August, while Toronto was up 6.4 percent.
Among the four CMAs reporting price declines, St. John's (-1.1 percent) recorded the largest year-over-year decrease.