New figures from Statistics Canada show that prices of new homes rose by 0.3 per cent in August. The New Housing Price Index was boosted largely by gains in Ontario with Toronto and Oshawa prices rising by 0.6 per cent. This rise was market driven according to builders and was the 7th
consecutive month of price gains. Hamilton saw the largest gain, up 0.8 per cent from July, again due to market conditions. There was a turnaround in home prices in St. Catharines-Niagara, up 0.7 per cent in August after a 0.1 per cent decrease in July; although this was due in part to higher costs of labour and materials. Quebec and Regina saw the largest decline in prices of new homes, both falling 0.2 per cent. Year-over-year the NHPI was up 1.3 per cent in August.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: