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Canadian new housing price growth slows in August

Canadian new home prices rose 0.1% in August, month over month, compared with a 0.4% increase in July, the country's statistical agency reported.

Prices in Toronto remained unchanged for the third consecutive month in August. New house prices in Vancouver remained flat following five consecutive monthly increases. All in all, prices for new homes held steady in 15 of the 27 census metropolitan areas, Statistics Canada said.

In the 12 months to August, new house prices increased by 3.8%, with London recording a 12-month price gain of 8.1%, the biggest increase in there since February 1990. Vancouver matched last month's 12-month gain of 7.8% while new home prices in Toronto grew at an annual rate of 6.7%, down from the April high of 9.9%.

The New Housing Price Index is not subject to revision and is not seasonally adjusted.