Housing prices beat estimate

OTTAWA — The New Housing Price Index (NHPI) rose 0.2% in November, following a 0.3% increase in October, according to StatCan, and exceeding estimates of a 0.1% increase. The gain in November was largely attributable to higher prices in the combined region of Toronto and Oshawa as well as the Vancouver metropolitan area. The combined region of Toronto and Oshawa, up 0.2%, was the top contributor to the national increase in November, while Vancouver recorded the largest monthly price gain of 0.5%. Builders in both areas cited market conditions as the main reason for the advance. This was the largest increase in Vancouver since April 2015. New housing prices rose 0.4% in Montreal, marking the largest increase there since October 2012. The index rose 1.6% over the 12-month period ending in November, the largest year-over-year increase at the national level since December 2014.