Toronto pushes Canada's new home prices up
A house "sold" sign in Oakville, Ont., Monday, July 23, 2012. (Richard Buchan / THE CANADIAN PRESS)
Published Thursday, August 9, 2012 11:24AM EDT
Toronto is one of the leading cities contributing to Canada's rise in home prices in June, according to new data from Statistics Canada.
New housing prices rose 0.2 per cent in June, following a 0.3 per cent increase in May, reports Statistics Canada.
Prices for new homes in Calgary and Oshawa also pushed up the national index.
The high price of land and unspecified market conditions were the main factors contributing to the price increase in Toronto and Oshawa, while improving market conditions and increased labour costs drove up prices in Calgary.
The standalone monthly Seasonally Adjusted Annual Rate (SAAR) rose in Toronto from 42,000 units sold in June to 51,700 units in July.
“Activity has been shifting towards relatively more affordable pockets of the GTA. In particular, Brampton starts are running at a five-year high,” said Shuan Hildebrand, Canada Mortgage and Housing Corporation Senior Market Analyst for the GTA in a statement.
Most data is affected by different seasons of the year so adjusting for the reasonability in data means getting more of an accurate picture.