February 2016 saw the prices of new homes in Canada grow by 0.2 per cent on a month-by-month basis, according to the latest report by Statistics Canada.
In an April 14 statement, the agency announced that much of the growth could be attributed to sustained activity and demand in the leading real estate markets of Vancouver and Toronto.
Builders agreed with the assessment, adding that current market conditions and new listing prices are helping with this development.
As reported by Reuters Canada
, the Oshawa and Toronto regions—which together comprise 27.9 per cent of the Canadian market—showed an increase of 0.4 per cent. Meanwhile, Vancouver (13 per cent of the market) saw 0.8 per cent growth, breaking the previous record level established back in September 2009.
On the other hand, Calgary suffered a 0.5 per cent decline, its most significant since July 2011. Calgary’s energy segment has long suffered the worst effects of the global oil shock.
The Statistics Canada analysis does not take into account apartments and condominiums, which encompass fully a third of new housing development.