New house prices rise in August

OTTAWA ― Canada’s New Housing Price Index rose 0.2% in August compared with July, according to Statistics Canada. While prices were up in eight census metropolitan areas, the increase was largely attributable to new housing prices in the combined region of Toronto and Oshawa, which was up 0.7% for the month. Builders reported market conditions and higher costs for materials as reasons for the gain. Prices increased 0.5% in Kitchener–Cambridge–Waterloo and the combined region of Greater Sudbury, and Thunder Bay (+0.4%). New housing prices rose 0.2% in Saint John, Fredericton, and Moncton, after being unchanged for six consecutive months. New housing prices decreased 0.5% in Regina, as a result of new promotional packages to encourage sales. Prices in Saskatoon were down 0.2% for the third month in a row, with builders reporting market conditions as the reason for the decline in August.