According to Statistics Canada, the country’s new housing prices increased in July by 0.4%, having exceeded the experts’ forecasts, The Globe and Mail reports on Thursday.
This is the 16th consistent monthly increase and the rate is greater than it was expected, 0,4% instead of 0,2%.
The highest prices were registered in the Toronto-Oshawa region, which accounts for 27.92% of the Canadian market. In that region, new housing prices rose by 1.0%, what is connected with market conditions and prices on new listings. A 0.6-percent growth of prices was registered in Vancouver, which is also the booming housing market.
Such increase in prices has raised concerns that the markets of Canada’s major cities are becoming overheated.