Canada’s housing prices shun correction fears

Numbers released by Statistics Canada this morning reveal prices of new homes were up 0.2 percent in August, the 17th month in a row prices have increased. The numbers come as a surprise to some, surpassing the .01 per cent growth projected by market analysts. Still, the report did not include condominiums, which have seen prices fall, not rise this summer.

Outside that key segment of the market, Toronto and Calgary showed particular strength; the Toronto-Oshawa metropolitan region was up 0.3 percent in August from July, as was Calgary. While the increase was attributed to market conditions in the Toronto region, increased construction, material and labour costs were the cause of Calgary’s spike, said local builders.

Price increases were recorded in 10 metropolitan areas, and were 2.4 percent higher in August 2012 year-over-year. Quebec saw the biggest increase, with prices up 0.6 percent. Prices fell in Victoria and Charlottetown (0.4 percent and 0.1 percent respectively), and remained steady in nine of the areas surveyed.

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