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The New Housing Price Index (NHPI) rose 0.2% in August compared with July. While prices were up in eight census metropolitan areas, the increase was largely attributable to new housing prices in the combined region of Toronto and Oshawa.
The combined region of Toronto and Oshawa (+0.7%) was the top contributor to the national increase in August, recording the largest monthly price advance among the census metropolitan areas covered by the survey. Builders reported market conditions and higher costs for materials as reasons for the gain.
Prices also increased significantly in Kitchener-Cambridge-Waterloo (+0.5%) and the combined region of Greater Sudbury and Thunder Bay (+0.4%). Builders in Kitchener-Cambridge-Waterloo cited higher new list prices as the main reason for the gain. In the combined region of Greater Sudbury and Thunder Bay, higher costs for materials and building permits were the primary reasons for the rise in prices.
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