BuzzBuzzHome’s official stance on Stats Canada housing data is that it is not very accurate and should not be relied upon. Take this with a grain of salt. Read this discussion on our forum for more info.

Yesterday we reported that national housing starts were on the rise in March and that Toronto was driving the big increase. Now, new data from Statistics Canada indicates that the region is driving new home price increases as well.

According to fresh stats released today, prices for new homes in Canada rose 0.3 per cent in February.

The Toronto and Oshawa region — which represents a quarter of the national market — rose 0.4 per cent. Prices also took a dramatic upswing in the Prairies, rising 2.4 per cent in Regina.

So what does Statistics Canada have to say about all of this?

“The metropolitan region of Toronto and Oshawa was the top contributor to the increase in February,” the federal agency said. “The positive impact of this region on the overall index was slightly offset by the decrease observed in Vancouver.”

All of this came as a bit of a surprise to economists, who predicted a nationwide rise of 0.2 per cent.

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