According to Statistics Canada, the New Housing Price Index (NHPI) rose 0.2 percent in August compared with July. While prices were up in eight census metropolitan areas, the increase was largely attributable to new housing prices in the combined region of Toronto and Oshawa.
The combined region of Toronto and Oshawa (+0.7 percent) was the top contributor to the national increase in August, recording the largest monthly price advance among the census metropolitan areas covered by the survey. Builders reported market conditions and higher costs for materials as reasons for the gain.
In August, prices were unchanged in 7 of the 21 metropolitan areas surveyed. In a year-on-year comparison, the NHPI increased 2.7 percent over the 12-month period ending in August.