09/13/2012 09:09 EDT | Updated 11/13/2012 05:12 EST

Canada Home Prices July 2012: New Housing Price Index Shows 2.3% Year-On-Year Hike

OTTAWA - Statistics Canada says its new housing price index rose 0.1 per cent in July, following a 0.2 per cent increase in June.

The agency says the Calgary area was the top contributor to the advance as builders reported higher material and labour costs.

It says the largest monthly price jump in July came in St. John's, NL, where prices were up 0.6 per cent.

On a year-over-year basis, the price index rose 2.3 per cent in the 12 months to July, following a similar year-over-year increase the previous month.

Higher prices in the combined metropolitan regions of Toronto and Oshawa were the main contributors to this increase.

The largest year-over-year increases in contractors' selling prices occurred in Regina, where they rose 4.7 per cent and Toronto and Oshawa, where they were up 4.6 per cent.

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