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New house prices on the rise

homeforsale

New home prices in Canada resumed their upward crawl in August, gaining 0.1 percent after declining by the same amount in July, reflecting a slowdown in the housing market after robust growth for much of the past year.

Statistics Canada said on Wednesday prices rose in seven of the 21 cities in the index, were unchanged in 10 and edged down in four.

Analysts in a Reuters poll had forecast, on average, a 0.1 percent decline in the August index.

The top contributors to the increase were three cities in the province of Ontario -- Toronto, Oshawa and Hamilton -- as well as Montreal, Quebec.

Compared with August 2009, prices climbed 2.9 percent.

The housing only component of the new housing price index climbed 0.1 percent on a monthly basis and 4.5 percent on the year. The land only component was flat in August and slipped 0.2 percent on the year.

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