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Canada new home prices held steady in August

Canadian new home prices came in flat month over month in August with growth reported in only a third of the markets surveyed, according to the latest data from Statistics Canada.

The country's new-housing price index stood at 103.3 in August, unchanged from July. The index has not exceeded its current level since November 2017, Statistics Canada noted.

"Mortgage rate increases, along with tighter mortgage regulations, are likely contributing to the flatness observed across Canada," the government agency said.

Builders in 18 of 27 census metropolitan areas reported flat or decreasing prices in August. The new-housing markets of Regina, Edmonton and Calgary led monthly declines in prices.

Ottawa-Gatineau (Ontario part) recorded the biggest month-over-month rise in prices in August with a 0.6% increase.

On a year-over-year basis, Canadian new-home prices were up 0.4% in August.