New Housing Price Index edges up

OTTAWA — The New Housing Price Index rose 0.7% in May, following a 0.3% increase in April. This was the largest monthly advance since July 2007, and was mainly driven by higher new housing prices in the combined region of Toronto and Oshawa and in Vancouver. With a gain of 1.9%, the combined region of Toronto and Oshawa was the top contributor to the national increase, recording the largest monthly price advance among the census metropolitan areas covered by the survey. Vancouver, Victoria, St. Catharines—Niagara, and Windsor also saw increases, while prices were unchanges in six markets. The index rose 2.7% over the 12-month period ending in May, the largest increase at the national level since September 2010.