Canada New House Prices Unchanged in January
By Kim Mackrael
OTTAWA--Canadian new house prices were unchanged in January, suggesting new mortgage-financing rules and higher interest rates may be having a cooling effect on some housing markets.
Canada's new housing price index showed no change in January on a month-over-month basis, Statistics Canada said Thursday. Market expectations were for a 0.1% rise, according to economists at Royal Bank of Canada.
On a 12-month basis, Canadian new house prices increased 3.2% in January.
Statistics Canada said new mortgage-financing rules introduced in January and further increases to mortgage rates by Canadian lenders may have contributed to limited price changes in many of the housing markets it surveyed.
The new-house price data from Statistics Canada cover single-dwelling, semidetached and row houses, and doesn't include prices for newly built condominium units.
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(END) Dow Jones Newswires
March 08, 2018 09:27 ET (14:27 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.