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Canada January New Home Price Index Rises 0.1% on Toronto Gain

March 14 (Bloomberg) -- Canada’s new home price index rose 0.1 percent in January, the government statistics agency said.

The gain was led by a 0.3 percent increase in Toronto, the country’s largest city, Statistics Canada said today in Ottawa.

Economists predicted the index would increase 0.1 percent, according to the median estimate in a Bloomberg survey with eight responses.

From a year earlier, new home prices increased 2.2 percent in January.

Demand for homes has been supported by some of the lowest mortgage rates in decades. Bank of Montreal is offering a five-year fixed mortgage with a 2.99 percent interest rate.

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net

To contact the editors responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net; David Scanlan at dscanlan@bloomberg.net.

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