OTTAWA — The prices of new homes in Canada rose by 0.3% in March from February, the 12th consecutive monthly increase, Statistics Canada said on Thursday.
The increase was slightly greater than the 0.2% advance predicted by market operators. Compared with March 2011 the index rose by 2.6%, up from the 2.3% year-on-year growth recorded in February.
The metropolitan region of Toronto and Oshawa, representing 26.6% of the overall market, was the top contributor to the month-on-month advance, growing by 0.6% on good market conditions and increased demand.
The most significant monthly price decline was the 0.7% drop recorded in the British Columbia capital Victoria, where competitive market conditions prompted builders to lower their prices.
Overall, prices were up in 11 regions in March, held steady in seven, and dropped in three.