Canada New Home Price Index Rises 0.2% in July Led by Toronto
Canada’s new home price index rose 0.2 percent in July, led by gains in Toronto and Calgary, the government statistics agency said.
Prices in Toronto, the country’s largest city, increased 0.3 percent from the previous month, while Calgary gained 0.6 percent and Vancouver rose 0.2 percent, Statistics Canada said today in Ottawa.
Economists forecast the index would rise 0.1 percent, according to the median estimate in a Bloomberg survey with nine responses. From a year earlier, new home prices increased 1.9 percent in July.
Canada’s housing market has been showing conflicting signs of strength. While municipalities issued a record amount of building permits in July, housing starts slowed in August by more than forecast. Policy makers have tightened mortgage rules amid signs of overbuilding in places such as Toronto and Vancouver.
In a separate report, Statistics Canada said the country’s net foreign debt declined C$122.4 billion ($118.6 billion) in the second quarter to C$103.7 billion, the lowest since 2007, as the value of Canadian stocks fell and a weaker currency increased the value of foreign assets.
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