By Kim Mackrael
OTTAWA-- Canadian new house prices increased in August, continuing the series of gains that began during the spring of 2020.
New house prices in Canada rose 0.7% in August from July, Statistics Canada said Tuesday. From a year ago, new house prices advanced 12.2%.
The Canadian Real Estate Association said last week that existing home sales declined in August for a fifth consecutive month, although they remain at historically elevated levels. Shaun Cathcart, an economist with the association, said last week that Canadian housing markets appear to be stabilizing somewhere between their pre-pandemic level and the peaks they reached during the pandemic.
According to Statistics Canada, new house prices rose in 13 of the 27 metropolitan areas tracked. The biggest advance was recorded in London, Ontario, a city about 100 miles southwest of Toronto, where prices rose 3.9% in August from the previous month.
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(END) Dow Jones Newswires