12/13/2012 08:47 EST | Updated 02/12/2013 05:12 EST

New House Price Index October 2012: Canada Sees 2.4 Per Cent Rise Over Past Year, StatsCan Says

In this Aug. 22, 2011, file photo, a sold sign is posted in front of a new home in Springfield, Ill. Republican senators said Thursday, Dec. 6, 2012, that they are pressing the U.S. government's housing official to take steps to shore up the federal agency that insures mortgages for millions of borrowers. An audit shows the agency faces $16.3 billion in losses and might require a taxpayer bailout. (AP Photo/Seth Perlman)

OTTAWA - Statistics Canada says its price index for new housing rose 0.2 per cent in October.

The agency says the combined metropolitan region of Toronto and Oshawa, as well as the Montreal region, were the top contributors to the increase.

Toronto and Oshawa prices were up due to market conditions, while higher material and labour costs and new building code requirements pushed prices up in Montreal.

Monthly prices declined 0.2 per cent in Charlottetown and were down 0.1 per cent in the combined metropolitan region of Sudbury and Thunder Bay, Ont.

Prices were unchanged in 11 of the 21 metropolitan regions surveyed in October.

On a year-over-year basis, the index was up 2.4 per cent compared with October 2011.

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