Toronto leads gains in new home prices, while Calgary market declines
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Canadian new home prices rose 0.1% in December from the previous month, led by gains in the nation’s largest city, government figures showed.
Toronto prices rose 0.2% from November, and by 2.5% for all of last year, Statistics Canada said Thursday from Ottawa. Prices rose 1.7% nationally from the same month a year earlier.
New homes in Calgary, the corporate hub of Canada’s energy industry, were up 0.1% in December, the smallest gain in a year, the agency said. Even with the December slowdown, Calgary’s annual home-price gain of 6.5% was the fastest in the nation.
Related Alberta home resales to slide 16%, RBC says The economist realtors love to hate: David Madani stands by 2011 prediction of Canadian housing ‘day of reckoning’ Low rates seen fuelling Toronto’s surging housing market as Alberta markets stall Calgary’s housing market has weakened early this year as energy companies fire workers and cancel investments after a plunge in crude oil prices. Regulators have also warned that record debt loads among Canadian consumers that have built up after years of low mortgage rates are a threat to the financial system.
Today’s report also showed housing prices fell by 0.1% in December in Montreal and Vancouver, the country’s second and third largest cities. For all of last year, Montreal prices declined 0.2% and in Vancouver they fell 0.6%.
Prices across the province of Quebec fell 0.1% last year, the first such decline since 1997, Statistics Canada said. Bloomberg.com LATEST PERSONAL FINANCE VIDEOS