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Canada’s new home prices rose 0.1 per cent in January

Statistics Canada says its price index for new homes rose 0.1% in January, following a 0.2% increase in December.

The agency says the metropolitan region of Toronto and Oshawa, as well as the Calgary region, were the top contributors to the increase.

Builders cited market conditions as the primary reason for higher prices in Toronto and Oshawa, while increased material and labour costs contributed to higher prices in Calgary.

The largest monthly price advance in January occurred in Charlottetown, where prices rose 1.0% as builders returned to list prices after having reported lower negotiated selling prices the previous month.

Monthly prices declined 0.2% in Ottawa—Gatineau, as a result of builders offering larger bonus packages to generate interest and stimulate sales.

New home prices fell 0.1% in the combined region of Saint John, Fredericton and Moncton, as well as in Kitchener-Cambridge- Waterloo, Edmonton and Vancouver as builders in those areas also reduced prices in an attempt to generate sales.

Source: Canadian Press