December 14, 2017 / 1:53 PM / 2 years ago

Canada new home prices edge up, Toronto shows signs of strength

OTTAWA (Reuters) - Canadian new home prices edged up by 0.1 percent in October on strength in the capital, Ottawa, while prices in Toronto rose for the first time in five months, Statistics Canada said on Thursday.

Analysts in a Reuters poll had forecast a 0.2 percent increase from September. Prices increased by 3.5 percent compared to October 2016.

Ottawa recorded a 1.0 percent gain on improved market conditions and new developments. Prices were unchanged in 15 of the country’s 27 metropolitan areas.

Toronto and Vancouver, Canada’s hottest markets for the past few years, posted modest increases of 0.1 percent and 0.3 percent respectively. Provincial governments in Ontario and British Columbia have both taken measures to clamp down on foreign buyers blamed for soaring prices.

The new housing price index excludes apartments and condominiums, which the government says are a particular cause for concern and which account for one-third of new housing.

Reporting by David Ljunggren; Editing by Bernadette Baum

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