Canada New House Prices: February Sees Yet Another Increase, But Vancouver Slumps

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CANADA NEW HOUSE PRICES FEBRUARY 2012
Construction of new homes in a housing project in Beloeil Que. Statistics Canada says the price of a brand new house rose 0.3 per cent in February from the previous month, following a 0.1 per cent rise in January. (The Canadian Press Images-Mario Beauregard) | CP

OTTAWA - Statistics Canada says the price of a brand new house rose 0.3 per cent in February from the previous month, following a 0.1 per cent rise in January.

The agency says the increase in its new housing price index was powered by gains in Toronto and Oshawa, which were slightly offset by a decline in Vancouver.

On a year-over-year basis, the index was up 2.3 per cent in February, following a 2.4 per cent increase in January, with the gains again driven by prices in Toronto and Oshawa.

The largest year-over-year increases were recorded in Regina (up 5.9 per cent), Toronto and Oshawa (up 5.8 per cent) and Winnipeg (up 3.8 per cent).

The largest month-to-month increase came in Regina, where prices were up 2.4 per cent because of higher land development costs and higher costs for material and labour.

Prices were unchanged in five of the 21 metropolitan regions surveyed.

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