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.
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.
Of the 27 urban centers tracked in the month, 13 posted advances in new-house prices, two showed declines while 12 markets were unchanged.
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(END) Dow Jones Newswires
June 08, 2017 09:30 ET (13:30 GMT)