January 12, 2011
Canada’s housing market rebound has truly been astounding. And here’s one more way that Canada is showing that we’re ‘eh’ okay (cheesy, I know…but it’s early).
Anyway, economists projected new home prices to increase by 0.1% in November. But in actuality, prices rose 0.3%. That is triple the expectation and triple the price increase experienced in October. And it means the new home market has hit an economic milestone– prices now exceed the peak reached in 2008 (prior to the recession).
And the rising stars? According to the Financial Post:
Some of the biggest gains in particular cities were 4.2% in St. John’s, 1.6% in Ottawa-Gatineau and 1.2% in Halifax.
Since November 2009, the new-home price index was up 2.3%.