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UPDATE 1-Canada home prices rise in June, spurred by Toronto

Published 2015-08-13, 08:35 a/m
© Reuters. UPDATE 1-Canada home prices rise in June, spurred by Toronto

(Adds data on individual markets, background)
OTTAWA, Aug 13 (Reuters) - New home prices in Canada rose by
the most in nearly a year in June, driven by increases in
Toronto, while prices in oil-hit Calgary climbed for the first
time this year, data from Statistics Canada showed on Thursday.
The new housing price index rose by 0.3 percent, the biggest
monthly increase since August 2014 and topping economists'
forecasts for a gain of 0.1 percent. Compared with the year
before, prices were up 1.3 percent.
The Toronto and Oshawa area was the biggest contributor,
rising 0.6 percent on the month for the largest gain since April
of last year. Builders cited market conditions, higher material
and labor costs, as well as higher land development costs.
Calgary, which has been hurt by the drop in oil prices, rose
0.1 percent as higher land prices offset builders having to
reduce their prices to encourage buyers into the market.
The new housing price index excludes apartments and
condominiums, which accounts for one-third of new housing.
Canada's financial authorities have spoken of a three-speed
housing situation, with Toronto and Vancouver sizzling, the
provinces of Alberta and Saskatchewan suffering due to low oil
prices, and the rest of Canada relatively stagnant.

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