Housing prices edge up in February

OTTAWA — The New Housing Price Index rose 0.2% in February, following a 0.1% increase in January. The advance was led by higher new home prices in Ontario and British Columbia. Of the metropolitan areas covered by the index, the combined regions of Toronto-Oshawa and Vancouver were the top contributors to the national increase in February. Builders in both regions cited new list prices and market conditions as the main reasons for the advance. This was the largest monthly price increase in Vancouver since September 2009. Overall the index increased 1.8% over the 12-month period ending in February, following an identical increase in January. The combined metropolitan region of Toronto and Oshawa, at an increase 4.4%, was the top contributor to the gain, recording the largest year-over-year price increase in February.