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UPDATE 1-Canadian home prices up 2.3 pct in June - Teranet

Published 2016-07-13, 09:26 a/m
UPDATE 1-Canadian home prices up 2.3 pct in June - Teranet

TORONTO, July 13 (Reuters) - Canadian home prices rose by
2.3 percent in June from a month earlier, the Teranet-National
Bank Composite House Price Index showed on Wednesday, the
largest increase during the month since the index began in 1999.
The index, which measures price changes for repeat sales of
single-family homes, showed prices were up 10 percent from a
year earlier, providing further evidence of rapid price
increases in some parts of Canada.
Prices in the major cities of Vancouver and Toronto have
risen sharply in recent years, boosted in part by foreign
investment, while oil producing regions such as Alberta have
been held back by the falling oil price and rising unemployment.
Prices were up in ten of the 11 metropolitan markets covered
in the survey, led by a 4.4 percent rises in Victoria, 3.7
percent in Halifax, 3.3 percent in Toronto and 2.6 percent in
Vancouver. Prices have risen in Vancouver for 18 consecutive
months, according to the survey, while Toronto has seen rises in
13 of the last 14 months.
Alberta saw a contrasting performance with prices rising by
a modest 0.2 percent in Calgary and falling by 0.3 percent in
Edmonton, the index showed.
Canada's banking regulator said last week it was tightening
oversight of mortgage lending in the latest sign of the concerns
of Canadian authorities about soaring home prices in markets
like Vancouver and Toronto.

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