Prices for Canada’s new housing were up 0.7% in May, driven by a 1.1% increase for Toronto.
Statistics Canada says that the increase in Toronto was due to market conditions, a shortage of developed land and higher construction costs.
Market conditions in other cities were also favourable and Vancouver saw a 2.2% gain in new housing prices; Guelph was 1.7%; London 1.5%; and St. Catharines-Niagara 0.9%.
Five metros saw prices decline with no change in nine.
Over the 12 months to May, the national rise in new housing prices was 3.8% with Toronto jumping 9%. Calgary saw the largest drop (0.9%).
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