Canada's
monthly new house prices increased slightly more than expected in February with
Calgary in the oil-rich province of Alberta posting the largest gain in almost
six years.
Prices of
new houses nationwide climbed 0.2%, faster than the 0.1% gain in January,
Statistics Canada said Thursday.
The
consensus call was for a 0.1% increase, according to a report from Royal Bank
of Canada.
On a year-on-year basis, prices slowed as expected to 2.1% from 2.2%.
Calgary was the top contributor to the
monthly gain, with prices up 1.0%, the most since May 2007. The statistical
agency said builders cited higher costs for materials and labor as the main
reasons for the increase.
The biggest
monthly rise was in Regina, in the neighboring province of Saskatchewan, where higher operating
costs and a shortage of developed land drove prices up 1.4%. Over in the
eastern part of the country, prices in Halifax,
in Nova Scotia,
rose 0.9% due to higher costs for materials, labor and developed land. Price
gains in both these cities were the largest in a year.
Meanwhile,
prices were unchanged in the combined metropolitan region of Toronto
and Oshawa
after six consecutive increases. The annual price gain in the region slowed to
3.7% from 4.2% in January.
In the
Ottawa-Gatineau region, encompassing the nation's capital, prices fell 0.2%,
the second monthly decline, due to softer market conditions.