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Sunday, February 28, 2010

Canadian Mortgage Broker News - Ottawa leads latest housing price gains

Canadian Mortgage Broker News - Ottawa leads latest housing price gains

Ottawa leads latest housing price gains

House prices continued to rise in December, according to Statistics Canada, especially in Ottawa, Toronto and Vancouver.

Nationally, the New Housing Price Index rose 0.4 per cent in December over the previous month, the same rate it rose in November.

The price of new houses in Ottawa-Gatineau rose higher than any other city in Canada, up 0.8 per cent in December from November and up 1.8 per cent from a year earlier. Not far behind was Toronto and Vancouver, at 0.7 per cent increases over the previous month.

"In Ottawa-Gatineau, the increase in prices was attributable to good market conditions and competitive factors," Statistics Canada stated in its release.

Montreal and Regina were the only other exceptions where prices rose significantly in the last year. Western Canada has seen the largest declines, with prices in Edmonton down 9.4 per cent from a year earlier in December, and Calgary down 3.1 per cent.

Calgary and Victoria were the only two cities to see declines in monthly prices this past December, both down 0.2 per cent.

"In Calgary, some builders moved to new phases of development with lower priced lots," Statistics Canada wrote. "Lower negotiated selling prices contributed to the decrease in housing prices in Victoria."

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