Growth in new home prices doubled in June

The price of new homes was up 0.7 per cent in June, more than doubling the rate of growth in the previous month (0.3 per cent) according to Statistics Canada.

Its latest New Home Price Index recorded the largest monthly gain since July 2007 and was driven by higher costs of new homes in Toronto-Oshawa region (up 1.9 per cent), Vancouver and Victoria (both up 1.1 per cent).

There were also strong gains for St Catharines-Niagara and Windsor while Regina and Charlottetown saw declines of 0.4 per cent.

Year-over-year the index climbed 2.7 per cent with Toronto-Oshawa up 6.4 per cent, Vancouver up 5.1 per cent and St Catharines-Niagara up 3.6 per cent.

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