Canada New House Prices Up 0.8% in April

By David George-Cosh Features Dow Jones Newswires

Canadian new house prices climbed 0.8% in April led by outsize gains in the country's biggest city amid favorable market conditions and a shortage of developed land.

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Canada's new housing price index rose 0.8% in April on a month-over-month basis, Statistics Canada said Thursday.

Market expectations were for a 0.2% gain, according to economists at Royal Bank of Canada.

On a 12-month basis, new house prices advanced 3.9%, the largest annualized move since May 2008.

The new-house price data from Statistics Canada covers single-dwelling, semi-detached and row houses. It doesn't incorporate prices for newly built condominium units.

Statistics Canada said new-house prices in Toronto and its surrounding areas were among the top contributors to the rise in the national index. Prices were up 9.9% in Toronto compared with last year, while smaller cities nearby such as Oshawa and Hamilton also reported price gains above the national average.

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Of the 27 urban centers tracked in the month, 13 posted advances in new-house prices, two showed declines while 12 markets were unchanged.

Write to David George-Cosh at david.george-cosh@wsj.com

(END) Dow Jones Newswires

June 08, 2017 09:30 ET (13:30 GMT)