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Canadian new home prices up in October; sales rise in November

New home prices in Canada edged up 0.1% in October as more than half of surveyed cities came in flat, according to the country's statistical agency.

Statistics Canada's new housing price index rose slightly to 103.2 in October from 103.1 in the previous month. Year over year, the index was up 3.5%.

New house prices were unchanged in 15 of 27 census metropolitan areas surveyed. Ottawa was the only market with a notable increase, of 1.0%, as builders linked the monthly gain to improved market conditions and new phases of development.

The Canadian Real Estate Association, or CREA, also reported that the MLS home price index went up 9.3% year over year in November, the smallest increase since February 2016. Home prices were higher than year-ago levels in 11 of the 13 markets tracked.

Figures from CREA also showed that home sales rose 3.9% on a monthly basis in November. A 16% jump in sales in the Greater Toronto Area accounted for more than two-thirds of the national gain.

Newly listed homes increased by 3.5% last month, reflecting a large increase in supply across the Greater Toronto Area.

There were 4.8 months of inventory nationally at the end of November, down from 4.9 months in the previous month.