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 email@example.com