Canada New House Prices Unchanged in December
By Kim Mackrael
OTTAWA--Canadian new house prices were unchanged in December, marking the first time they have not advanced on a month-over-month basis in more than two years.
Canada's new housing price index was flat in December compared with the previous month, Statistics Canada said Thursday. Market expectations were for a 0.1% increase, according to economists at Royal Bank of Canada.
The last time the index remained unchanged on a monthly basis was in April 2015, the data agency said. It said mortgage rate increases may help explain limited new home price movement in Toronto and the surrounding area during the second half of 2017.
On a 12-month basis, Canadian new house prices increased 3.3% in December.
The data covers prices for newly built single-detached and semidetached residences and row houses. It does not incorporate prices for new condominiums, which make up the bulk of housing starts in Canada.
Write to Kim Mackrael at firstname.lastname@example.org
(END) Dow Jones Newswires
February 08, 2018 08:45 ET (13:45 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.