Bloomberg News

Canadian New House Prices Rose 0.2% in April on Gains in Calgary

June 13, 2013

Canada’s new home price index rose 0.2 percent in April on gains in Calgary, Statistics Canada said today in Ottawa.

From the same month a year earlier, new home prices increased 2.0 percent in April, the agency said. Economists predicted the index would advance by 0.1 percent on the month and 1.9 percent on the year, according to the median of six responses in Bloomberg News surveys.

Housing-market data are showing few signs of a sharp correction even amid warnings from analysts and policy makers that a bubble may have been forming.

Finance Minister Jim Flaherty tightened mortgage rules for a fourth time last year on concern that an overbuilding of condos could lead to steep price declines. Former Bank of Canada Governor Mark Carney identified record household debt as the biggest domestic risk to the economy.

Prices in Calgary rose 0.5 percent during the month as material and labor costs increased, and are up 4.7 percent from a year earlier, the agency said. Prices in Toronto, Canada’s most-populous city, rose 0.1 percent during the month

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net


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