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- Canada’s new housing prices increase more than anticipated in September
Canada’s new housing prices increase more than anticipated in September
Statistics
Canada reported on Wednesday the New Housing Price Index (NHPI) surged 1.2
percent m-o-m in September, following a 0.5 percent m-o-m advance in the
previous month. This was the largest monthly jump in home prices in 14 years.
Economists had
forecast the NHPI to increase 0.5 percent m-o-m in September.
According to
the report, new home prices rose in 24 out of the 27 census metropolitan areas
(CMAs) surveyed in September, with Victoria (+2.5 percent m-o-m) and Hamilton
(+2.3 percent m-o-m) recording the largest monthly gains, as both CMAs offer affordable
and large properties relative to larger city centers and are becoming more attractive
choices for potential homebuyers who are able to work from home.
On the
contrary, Regina (-0.3 percent m-o-m) and Saskatoon (-0.2 percent m-o-m) were
the only two CMAs with decreased new home prices in September.
In y-o-y terms,
NHPI climbed 3.2 percent in September, following a 2.1 percent gain in the
previous month. This was the largest y-o-y advance since January 2018.
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